In 2023, the revenue collected by Bitcoin miners from transaction fees reached an average of about $2 million per day, marking an impressive 400% increase year-on-year. According to Jameson Lopp, co-founder of the Bitcoin self-custody platform Casa, Bitcoin miners earned over $10 billion in 2023 alone. This significant amount is an addition to the $57 billion earned over the past 15 years. Lopp noted that the $10 billion figure assumes an instant sale for fiat, although miners typically do not immediately convert their earnings.
The increase in Bitcoin miners' revenue comes as mining difficulty reached an all-time high, rising by 3.55%. Additionally, in November, BTC miners attracted substantial venture capital investment, with Northern Data and Phoenix Group raising $600 million and $370 million, respectively. The rest of the crypto venture market recorded $750 million in volume on 98 deals during the same period.
These developments have sparked predictions about Bitcoin's price in 2024, with some experts suggesting it could reach as high as $160,000. In 2023, Bitcoin experienced 160% growth, adding nearly $530 billion to its market capitalization.
While Bitcoin has been a significant player, the analysis also highlights the remarkable performance of the Solana digital coin, which saw a 627% increase in its market value since January 2023, setting a new yearly high for any cryptocurrency, according to BanklessTimes.com.
(With Agency Inputs)
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