Record-breaking month for the Bitcoin network:
In December 2023, Bitcoin miners experienced a spectacular increase in their earnings.
More than $1.5 billion was earned through Bitcoin mining (BTC).
On December 17, 2023, transaction fees reached a peak of $40 per transfer.
Record growth in mining revenue for Bitcoin
In December 2023, the Bitcoin mining sector experienced unprecedented growth. Miners accumulated income totaling $1.51 billion, reaching the peak of the year.
This exceptional performance is even more remarkable as it includes a record amount of $324.83 million in on-chain transaction fees. The previous record, set in May, showed monthly revenues of $919.22 million, of which $125.92 million came from on-chain fees.
Another interesting piece of information is that the average transaction rate on the chain was 231 satoshis per virtual byte, equivalent to approximately $20.86 per transaction.
Bitcoin network costlier than Ethereum
December also highlighted some challenges faced by Bitcoin miners.
For example, on December 17, transaction fees reached an average peak of $40 per transfer, representing the highest point of the year. This increase is partly due to increased activity on the Bitcoin network.
In addition, miners had to deal with a backlog of more than 496,000 unconfirmed transactions and 430 blocks of congestion, highlighting scalability issues within the Bitcoin ecosystem.
Recently, the price of Bitcoin surpassed $43,500, while the SEC is about to give its verdict on the eagerly awaited approval or rejection of Bitcoin Spot ETFs within the cryptocurrency ecosystem.
