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Bitcoin Miners Raked in $10.5B Last Year, $1B more than in 2022

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By Jastra Kranjec

Updated Jan 7, 2024

The impressive growth of the crypto market and Bitcoin’s price rally have turned 2023 into a fantastic year for crypto miners. According to data presented by Stocklytics.com, crypto miners raked in $10.5bn in revenue last year, or one billion dollars more than in 2022.

2023 Brought a Turnaround for the Mining Community

Many agree that 2023 will be remembered as a turning year for Bitcoin. The world`s largest and most expensive cryptocurrency drew a lot of attention from mainstream investors, helping it jump by 152% in value and reshape the global perception of digital assets. However, the surging interest in BTC has also driven a lot of activity in the Bitcoin mining community, helping it to recover after a harsh 2022.

Restrictive regulations that hindered Bitcoin transactions, negative investor sentiment caused by scams, and the prolonged bear market caused global Bitcoin miner`s revenue to plunge by 37% to $9.5bn in 2022, with eight out of twelve months seeing a decline. However, 2023 brought a year-long uptrend, with rising market prices and increased public interest helping mining revenue to rise above last year`s levels.

According to The Block data, monthly Bitcoin mining revenue jumped from roughly $600 million to almost $920 million between January and May. After fluctuating between $750 million and $860 million in the next five months, monthly BTC mining revenue soared to $1.16bn in November. However, this figure grew even more in December, with the mining community ending the year with a massive $1.56bn in monthly revenue, the highest figure since December 2021.

Moreover, The Block data show miners received $337.3 million in on-chain transaction fees that month, the highest figure in the market`s history.

Almost $800M in Transaction Fees, 6x more than in 2022

Miner`s profits earned through transaction fees also soared last year. After the historical December, which brought $337.3 million in on-chain transaction fees, May was the second-best month for mining fees in 2023, with almost $126 million.

Overall, transaction fees brought in close to $800 million in 2023, or six times more compared to only $141.9 million reported a year before that.

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