Bitcoin miners raked up $184M in fees in Q2, surpassing all of 2022

Bitcoin (BTC) miners made a lofty $184 cardinal from transaction fees successful the 2nd quarter, acold much than what they pocketed implicit the full 2022 — arsenic Bitcoin’s terms surged and BRC-20 tokens flourished.

The $184 cardinal payout is much than a 270% summation from the archetypal 4th of 2023 and it is the archetypal 4th to person surpassed the $100 cardinal people since Q2 2021, according to a July 5 study from cryptocurrency analytics level Coin Metrics.

Bitcoin miners earned much from fees successful Q2 than the erstwhile 5 quarters combined. Source: Coin Metrics

Bitcoin miners person transaction fees whenevea caller artifact has been validated, the magnitude of which is determined by the information measurement and the idiosyncratic request for artifact space.

Coin Metrics said the leap successful fees was owed to Bitcoin’s caller terms surge bolstered ‘top-line revenues” and the advent of BRC-20, a new token modular connected Bitcoin introduced successful March which uses Ordinals inscriptions to mint and transportation fungible tokens connected the network, adding:

“The token modular does unlock experimental caller usage cases for Bitcoin’s halfway transaction types, and accelerates the propulsion to standard Bitcoin with the Lightning Network.

However, it is worthy noting that transaction fees represented lone 7.7% of the full $2.4 cardinal made by miners implicit the quarter.

The remainder came successful the signifier of Bitcoin artifact rewards, with miners presently being rewarded 6.25 BTC for solving each block. This is acceptable to autumn to 3.125 BTC aft the network’s adjacent halving cycle, expected to instrumentality spot successful May.

Related: Bitcoin miners nonstop grounds $128M successful gross to exchanges

Bitcoin miners besides had different reasons to observe successful the 2nd quarter, according to the firm.

In May, the Bitcoin mining manufacture “notched a win” with the Biden Administration’s projected Digital Asset Mining Energy (DAME) tax being blocked.

— CoinMetrics.io (@coinmetrics) July 5, 2023

Bitcoin miners besides enjoyed easier macroeconomics conditions successful the 4th too, with “receding ostentation pressures” translating to lower energy prices for United States-based miners, Coin Metrics noted.

However, with Bitcoin’s hashrate continuing to scope caller all-time highs implicit the past 12 months, contention successful the mining interest marketplace is besides tightening, Coin Metrics explained:

“Competition remains arsenic fierce arsenic ever, with Bitcoin’s hashrate breaking caller highs during the 4th astatine 375 EH/s [...] We spot that the wide network’s ratio continues to summation with the adoption of modern ASICs specified arsenic the S19 XP.”

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