Revenue collected by Bitcoin ( BTC ) miners in the form of transaction fees will reportedly average around $2 million per day in 2023, a 400% year-over-year increase.
Jameson Lopp, co-founder of Bitcoin self-custody platform Casa, shared the data in a Dec. 23 X post, suggesting that Bitcoin miners are finally benefiting from the surge in cryptocurrency prices.
Bitcoin miners have made an average of nearly $2 million a day from transaction fees this year, Lopp said. That’s a 400% increase compared to last year.
Lopp also said that BTC miners’ revenue will exceed $10 billion in 2023. However, he clarified that these figures assume that miners immediately convert Bitcoin to fiat currency, which he believes is not entirely correct.
His disclosure follows a recent report from Messari, which suggested that BTC miners attracted significant venture capital investment in November.
According to the report, there were 98 cryptocurrency-related transactions last month, with about 90% worth $1.75 billion going to Bitcoin miners.
The good news for the industry doesn’t stop there. As crypto.news previously reported, Bitcoin miners received over $44 million in block rewards even as mining difficulty increased by 3.55%, setting a new all-time high.
The jump in mining difficulty is the result of a surge in Bitcoin’s hash rate, with reports that the network has experienced its fourth-highest hash rate adjustment this year, reflecting a 343% surge during the cycle.
Analysts emphasize that these growing revenues play a crucial role in helping offset selling pressure on Bitcoin.
Reduced selling pressure could help achieve a balance between supply and demand in the market, potentially driving Bitcoin prices higher — especially with the expected approval of a Bitcoin spot ETF.
These developments have led market observers to make a number of predictions about the price of Bitcoin in 2024, with some claiming that the price could be as high as $160,000.
