December 2024 Witnesses Record-Breaking Bitcoin Mining Revenue

In December, Bitcoin miners achieved their peak monthly revenue for the year, reaching $1.51 billion. Furthermore, this month saw a record-breaking fee collection, with miners securing $324.83 million in onchain transaction fees.

Bitcoin Miners Achieve Unprecedented Success
In December 2023, a new milestone was reached in monthly revenue generated by Bitcoin (BTC) miners through block discovery and transaction verification. By December 31, 2023, the total reached $1.51 billion, encompassing $324.83 million in on-chain fees.

This surpasses the previous monthly revenue record set in May, when miners accumulated $919.22 million, including $125.92 million from on-chain fees.
In July, miners gathered a sum of $865 million, including $19.21 million in fees.

December, on the other hand, witnessed a notable surge, standing at 1.64 times the magnitude of May’s previous record, a reflecting a growth of 64.27%, equivalent to an additional $590.78 million.

Currently, as per bitinfocharts.com, December’s onchain transaction rates are escalating, with the average fee reaching 231 satoshis per virtual byte (sats/vB) or $20.86 per transaction.

As of December 31, 2023, the median-sized fee stands at $9.60 per transaction, or 106.3 sats/vB. Additionally, on December 17, 2023, fees surged to as much as $40 per transfer, averaging around $37.43 per transaction—marking the year’s peak in on-chain fees and surpassing the previous high of $31 on May 8, 2023.

Furthermore, on December 17, the Bitcoin hash price, representing the value of a single petahash per second (PH/s) produced daily, reached a 2023 peak of $133.62 per PH/s, surpassing the earlier record of $125.64 per PH/s on May 8.

Despite the high on-chain fees, miners contend with a backlog of over 496,000 unconfirmed transactions and congestion of 430 blocks.

To have the best trading experience with us, open an account at Longhorn