December Marks the Most Lucrative Month for Crypto Miners in 2023, Grossing Over $1.6 B

December 2023 witnessed a historic milestone for Bitcoin (BTC) miners as they attained a record-breaking monthly revenue. As reported by Stocklytics.com, the month saw an impressive total revenue of $1.6 billion, marking a remarkable 38% increase in revenue compared to the preceding month of November.

The site’s financial analyst, Edith Reads, comments:

Notably, December 2023 has now set a new milestone in monthly revenue for Bitcoin miners. Within this stellar performance, the onchain transaction rates for the month reveal an impressive trajectory with an average fee of 231 satoshis per virtual byte (sats/vB) or $20.86 per transaction. As we reflect on this remarkable feat, it illuminates the evolving economic landscape of blockchain technologies and the enduring potential within the crypto mining sector.

Stocklytics Financial analyst, Edith Reads

Bitcoin’s Rise in December 2023

After setting a remarkable revenue record of $1.16 billion in November, December has now become the new benchmark to surpass with $1.6 billion. The gains primarily stem from block discovery and transaction verification fees, with on-chain transaction fees contributing over $324 million.

As of December 31, 2023, the average transaction fee stood at $9.60 per transaction. On December 17, 2023, fee transfers spiked up to $40, surpassing May’s high of $31. This resulted in the augmented revenue from transaction fees.

Moreover, the hash price for Bitcoin rose to an incredible $133.62 per PH/s on December 17. Thus earning crypto miners substantial revenues. This hash price shatters the May 8th record of $125.64  per PH/s, setting a new pace for the platform‘s trading.

However, despite record-breaking revenues, there is still a pile-up of over 496000  unconfirmed transactions and massive congestion in over 430 blocks.

The Recent ETF Approval

The escalated revenues in December have been crucial in driving the fiery optimism around 2024’s projected Bitcoin success. With the close-approaching halving event and the approval of spot Bitcoin Exchange-Traded Products, Bitcoin prices are projected to soar to well over $100,000 in 2024.

As of January 12, about 11 Bitcoin ETFs had already been approved, with Bitcoin and its partners keen on their inflows and price valuations. With the new Bitcoin ETFs approval, Blackrock, Grayscale, and Fidelity are top earners.

Grayscale is the largest Bitcoin ETF, with nearly 29 million assets under management. Valkyrie has cut its fees by 0.25%, with almost $30 million coming in on its first day of trading its ETF.

While the situation looks promising, miners must remember that crypto is volatile. The future could easily change, especially with governments wanting to keep tabs on the industry.