Bitcoin miners see transaction revenue grow a massive 400% in 2023

The revenue collected by Bitcoin miners as transaction fees averaged about $2 million per day in 2023, registering a whopping 400 per cent increase year-on-year.

The Bitcoin miners earned more than $10 billion in 2023, according to Jameson Lopp, co-founder of Bitcoin self-custody platform Casa.

“Bitcoin miners earned over $10 billion in 2023, a significant addition to the $57 billion total over the past 15 years. This number assumes they instantly sell for fiat, which is most certainly not the case,” he posted on X.

As reported by crypto.news, Bitcoin miners earned more than $44 million in block rewards even as mining difficulty increased by 3.55 per cent to an all-time high.

Messari, a leading provider of crypto market intelligence products, posted that BTC miners attracted significant venture capital investment in November.

“This past month in crypto fundraising was led by BTC miners, with Northern Data and Phoenix Group raising $600 million and $370 million, respectively.

“Those deals aside, the rest of the crypto venture market did $750 million in volume on 98 deals,” Messari wrote on X.

The developments have led market watchers to make predictions regarding Bitcoin’s price in 2024, with some claiming it could go as high as $160,000.

Bitcoin saw 160 per cent growth this year, adding nearly $530 billion to its market capitalisation.

According to an analysis by BanklessTimes.com, the Solana digital coin market has spiralled by 627 per cent since January 2023, a new yearly high for any cryptocurrency.