According to crypto advocate Jameson Lopp, Bitcoin">Bitcoin miners raked in approximately $2 million per day on average last year solely from transaction fees on the network. This reflects a staggering 400% year-over-year jump.
Lopp estimates total transaction fee revenue topped $10 billion in 2023, assuming miners instantly sold all coins earned rather than hodling. The spike comes alongside reports of over $44 million earned from block rewards despite increased mining difficulty.
The soaring revenues provide miners crucial support in offsetting sell pressure. This helps balance BTC supply and demand dynamics, aiding price discovery mechanisms. It has fueled predictions of continued upwards trajectory, with some forecasting $160K+ if spot ETF approvals also materialize.
Between elevated income from fees and block rewards to attracting further investment interest, Bitcoin miners have strengthened infrastructure security while benefiting financially from crypto’s growth in 2023. Their critical role seems poised to only expand amid broad institutional and retail adoption.
