Bitcoin Miners Achieve Unprecedented Monthly Earnings of $1.51 Billion in December 2023
The month of December 2023 witnessed an extraordinary surge in monthly revenue for Bitcoin (BTC) miners, achieved through the processes of block discovery and transaction verification. By the close of December 31, 2023, miners had accumulated a staggering $1.51 billion, which includes a substantial $324.83 million derived from on-chain fees.
This achievement surpasses the previous monthly revenue record established in May, during which miners amassed a total of $919.22 million, featuring on-chain fees amounting to $125.92 million.
In a comparison with July, when miners secured a total of $865 million, including $19.21 million from fees, December marked a remarkable escalation, standing at 1.64 times higher than May’s record. This signifies a growth of 64.27% or an additional $590.78 million.
As of the latest data from bitinfocharts.com, December’s on-chain transaction rates are experiencing a surge, with the average fee reaching 231 satoshis per virtual byte (sats/vB) or $20.86 per transaction.
On December 31, 2023, the median-sized fee is documented at $9.60 per transaction or 106.3 sats/vB. Furthermore, December 17, 2023, witnessed a spike in fees, reaching up to $40 per transfer, with an average of around $37.43 per transaction—marking the peak of on-chain fees for the year and surpassing the previous high of $31 on May 8, 2023.
Additionally, on December 17, the hash price of Bitcoin—representing the value of a single petahash per second (PH/s) produced daily—reached a zenith for 2023 at $133.62 per PH/s, surpassing the earlier record of $125.64 per PH/s on May 8. Despite facing high on-chain fees, miners contend with a backlog of over 496,000 unconfirmed transactions and congestion involving 430 blocks.
Month/Year | Total Revenue (in $B) | On-chain Fees (in $M) | Growth from Previous Record |
---|---|---|---|
May 2023 | 0.92 | 0.13 | – |
July 2023 | 0.87 | 0.02 | -5.43% |
Dec 2023 | 1.51 | 0.32 | +64.27% |
Additional Metrics:
- Average on-chain transaction fee in December 2023: $20.86 per transaction
- Median-sized fee on December 31, 2023: $9.60 per transaction
- Peak on-chain fee on December 17, 2023: $37.43 per transaction
Blockchain Metrics:
- Number of unconfirmed transactions: 496,000
- Block congestion: 430 blocks
Hash Price Metrics:
- Peak hash price on December 17, 2023: $133.62 per PH/s