Bitcoin Miners Earned $187 Million in Transaction Fees in Q2 2023, a 300% Increase from Q1
Bitcoin miners earned $187 million in transaction fees (excluding network subsidies) in Q2 of 2023, a 300% increase from Q1. Network subsidies reached $2.5 billion in Q2, up from $1.93 billion in Q1. Bitcoin miners earn income from network subsidies and transaction fees, with May seeing the highest fee earnings at $125.9 million. The surge in fees coincides with increased activity around Ordinals, a protocol on the Bitcoin network, which has generated BRC-20 tokens with a total market capitalization of over $1.1 billion.
Bitcoin Miners Achieve Milestone: Q2 2023 Transaction Fees Surpass $100 Million Mark, Soaring Over 270% from Q1
Bitcoin miners have achieved a significant milestone, earning over $100 million in transaction fees alone during the second quarter of 2023, according to a report by Coin Metrics. This marks a 270% increase from the first quarter and exceeds the total fees earned in the previous five consecutive quarters combined.
Bitcoin Miners Earned $184 Million in Transaction Fees Thanks to BRC-20 Tokens and Ordinals
Bitcoin miners have seen a surge in transaction fees, earning $184 million from April to June due to the popularity of BRC-20 tokens and Ordinals, according to Coin Metrics. This represents a significant change from the previously "tepid fee market" for Bitcoin miners.
Core Scientific Announces Production and Operations Updates for June 2023, Including 1,030 Bitcoin Self-Mined and Seasonal Shutdowns
Core Scientific has provided an update on its production and operations for June 2023. The company operated over 200,000 bitcoin miners for both colocation and self-mining, with a potential hash rate of 22.1 EH/s at its data centers in several US states. In June, the company's self-mining operations produced over 1,000 bitcoin, while customer-owned miners produced around 500 bitcoin.
Bitcoin Miners Sell Digital Assets to Raise Cash
July 4 (Cointime) - As Bitcoin miners struggle to maintain their profit margins, they continue to face a range of challenges. For example, last summer a Texas heat wave led to a drop in production and a number of crypto industry meltdowns, prompting many public crypto-mining companies to sell large amounts of their coin reserves.
Bitcoin Miners Send Record Amounts of BTC to Centralized Exchanges, Glassnode Reports
June 28 (Cointime) - Bitcoin miners have sent a record $128 million to centralized crypto exchanges, which is equivalent to 315% of their daily revenue, according to on-chain analytics platform Glassnode. This latest spike in miner revenue sent to exchanges has dwarfed previous ones during the 2021 bull run. Miners typically send BTC profits to exchanges in preparation to cash out and cover expenses, and the current high price of Bitcoin makes it an attractive time to do so. However, if miners start liquidating, future losses are expected as Bitcoin remains slightly above the $30,000 threshold and struggles to break the major resistance level of $31,000.
Iris Energy Revives Strategy for Hosting High-Performance Computing Alongside Bitcoin Miners Amid AI Boom
June 20 (Cointime) - Iris Energy has announced its plans to revive its strategy of hosting high-performance computing alongside bitcoin miners, as interest in artificial intelligence (AI) continues to grow.
Bitcoin Miners Move Over $70 Million Worth of BTC to Exchanges Amid Recent Price Increase
Bitcoin miners are taking advantage of the recent price increase by sending large amounts of BTC to centralized exchanges. In the last week alone, miners moved $70.8 million worth of BTC to exchanges, marking the third-largest single inflow for Bitcoin miners in terms of dollar value.
Crypto Market Volatility Expected to Increase with US Federal Reserve Interest Rate Decision and US Treasury TGA Refill
The crypto market has experienced a decline due to stricter regulations by the US and Nigerian Securities and Exchange Commissions on unregistered securities offered by crypto exchanges. This has led to an increase in selling by Bitcoin miners and a decrease in liquidity for altcoins.
Texas Legislature Passes Bills to Support Bitcoin Mining Industry
The 88th legislative session in Texas has been beneficial for Bitcoin miners, with the passage of several bills that will likely keep the state attractive for miners. One bill, SB 1751, which sought to curb energy credits for miners, did not make it to the Governor's desk. Another bill, SB 1929, which passed, requires large Bitcoin mines to register with the Electric Reliability Council of Texas (ERCOT) and is seen as a necessary step toward enhancing transparency.
