In December, the bitcoin mining sector experienced a peak in monthly earnings, accumulating a staggering $1.51 billion. Moreover, the month set a new benchmark in onchain transaction fees, with miners earning a notable $324.83 million from fees alone.
In December 2023, bitcoin (BTC) miners achieved a milestone in monthly earnings, reaching a total of $1.51 billion from block discovery and transaction validations. This figure, inclusive of $324.83 million in onchain fees, eclipses the previous record set in May when miners earned $919.22 million, including $125.92 million from fees.
In July, miners amassed $865 million, including $19.21 million in fees. Yet, December saw a remarkable surge, standing 1.64 times higher than May’s previous peak, marking a 64.27% increase equivalent to an added $590.78 million. Currently, as per bitinfocharts.com, December’s onchain transaction fees are on the rise, averaging 231 satoshis per virtual byte (sats/vB) or $20.86 per transaction.
On December 31, 2023, the average transaction fee stood at $9.60 or 106.3 sats/vB. However, by December 17, fees surged to a peak of $40 per transaction, averaging $37.43 — the highest for the year, surpassing May 8’s previous record of $31.
Additionally, on the same date, Bitcoin’s hash price reached its 2023 pinnacle at $133.62 per PH/s, eclipsing the earlier high of $125.64 on May 8. Despite these elevated fees, miners grapple with a backlog exceeding 496,000 pending transactions and a block congestion of 430 blocks.
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