Skip to content
Market Cap:
24h Vol:
Dominance: MSFT:
4.86 %

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

user image

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, 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.

3D Email Image

Sign up for our newsletter

Join our exclusive community of over one million investment enthusiasts and receive our free newsletter filled with analysis, news, and updates every weekday.

Successfully subscribed
Stocklytics Logo

© 2024 Stocklytics. All rights reserved.

Disclaimer: The information provided by Stocklytics is for general informational purposes only and should not be considered as investment advice. We make no representation regarding the completeness or accuracy of the data, and it should not be relied upon for investment decisions. Use of this tool is at your own risk, and we are not liable for any loss or damage arising from its use.