November marked a significant milestone in the 2023 revenue generated by bitcoin miners, reaching a peak of $1.16 billion. This month not only stood out in terms of total earnings but also set a record for the highest monthly fees collected by miners within the year.
Bitcoin Mining Fees Soar to Yearly High in November, Fueling Revenue
In November, bitcoin (BTC) miners experienced a prosperous period, bolstered by increased prices and a substantial uptick in transfer fees. Data reveals that miners amassed a total revenue of $1.16 billion, with fees contributing $142.19 million to this sum.
This performance eclipsed the former zenith reached in May 2023, where total earnings were $919.22 million, inclusive of $125.92 million in fees. From May to November 2023, bitcoin miners experienced a fluctuation in earnings, with fees escalating from about $17 million to a peak of $38 million in June.
The total revenue in November surpassed May’s figures by approximately 26.19%. Yet, the hash price, defined as the revenue generated per petahash per second (PH/s) each day, was more favorable in early May compared to November’s peak values.
On May 8, 2023, data revealed that a single PH/s of hashpower was valued at $124.17. Contrastingly, the apex value in November, recorded on the 18th, was slightly lower at $96.36 per PH/s.
November witnessed a marginal increase in bitcoin (BTC) transaction processing over May, with 16.42 million transactions in November slightly edging out May’s count of 16.3 million. Furthermore, Bitcoin’s onchain daily volume in USD terms reached notable heights in the past month, though it fell short of the year’s highest peak, which occurred on October 29, 2023.
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