Bitcoin miners break records with monthly income of $1.51 billion; How will it affect the price of BTC? By U.Today

© Reuters. Bitcoin miners break records with monthly income of $1.51 billion; How will it affect the price of BTC?

U.Today – In the latest development, (BTC) miners reported record monthly revenue of $1.51 billion in December 2023. This astronomical figure, made by crypto analyst and YouTuber Sumit Kapoor via X (formerly Twitter ), surpasses the previous record set in May. , where miners earned $919.22 million, including $125.92 million in on-chain fees.

The increase in monthly revenue is attributed to miners’ tireless efforts to discover blocks and verify transactions on the Bitcoin blockchain. Kapoor highlighted that the $1.51 billion includes an impressive $324.83 million earned from on-chain fees alone, showing the growing importance of transaction fees in the overall revenue generated by Bitcoin miners.

Jameson Lopp, a renowned software engineer and Bitcoin advocate, contributed to the rise in transaction fees. According to his tweet, transaction fees charged by Bitcoin miners averaged nearly $2 million per day during 2023, marking a staggering 400% increase compared to the previous year. This substantial growth in transaction fees emphasizes the strength and growing demand for Bitcoin transactions.

Bitcoin price reaction

The news of miners breaking revenue records has sparked widespread interest and speculation within the cryptocurrency community. Analysts and enthusiasts are now closely monitoring the potential impact of these unprecedented inflows on the price of Bitcoin itself. According to the latest market data, the current price of Bitcoin stands at $42,637, reflecting a modest 0.22% increase in the last 24 hours.

Over the past year, Bitcoin has seen an impressive surge, with its value increasing by 157.50%. What happened during the year, along with the record monthly income of miners, has sparked debates about the possible correlation between mining income and the price of Bitcoin.

Analysts and market experts are debating whether the increase in mining revenue could translate into a benefit for Bitcoin, potentially driving the cryptocurrency to new all-time highs. Bitcoin’s decentralized nature and limited supply have historically been key drivers of its value. Increasing miners’ income may further enhance the cryptocurrency’s appeal, especially as institutional interest continues to grow.

Investors and enthusiasts are eagerly awaiting new developments as the cryptocurrency market remains dynamic and subject to rapid change. The record monthly income of Bitcoin miners certainly adds a new layer of intrigue and anticipation to the current narrative surrounding the world’s leading cryptocurrency.

This article was originally published on U.Today.

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