© Reuters.
GLOBAL – Bitcoin miners celebrated a significant increase in revenue in December 2023, reaching an annual peak with revenue totaling $1.51 billion. This increase corresponds to the escalation in the price of the cryptocurrency, which exceeded $45,000. The increase in mining revenues, reflecting gains of over 20%, occurred amid growing anticipation of the approval of Bitcoin exchange-traded funds (ETFs) and the upcoming halving event, scheduled for April 2024.
Substantial miner revenues were supported by on-chain transaction fees, which saw a significant spike. On December 17, the fees reached their highest level of the year, costing around $40 per transfer. This increase in transaction fees coincided with scalability issues within the Bitcoin network, which became evident when a backlog of more than 496,000 unconfirmed transactions emerged, leading to block congestion.
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