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#Bitcoine #gatelive Crypto38 Bitcoin miners hit the highest level of their annual revenue in December 2023 amid the price surge
GLOBAL - Bitcoin miners recorded a significant increase in earnings in December 2023, reaching an annual peak of $1.51 billion in total revenue. This increase is in line with the cryptocurrency's price surge, which has risen to over $45,000. The more than 20% increase in mining revenues comes at a time of heightened expectations for the approval of Bitcoin exchange-traded funds (ETFs) and a halving event scheduled for April 2024.
Significant revenue for miners was supported by on-chain transaction fees, which showed a significant increase. On December 17, fees reached an annual high, costing around $40 per transfer. This increase in transaction fees coincided with scalability issues on the Bitcoin network, which resulted in the accumulation of more than 496,000 unconfirmed transactions, leading to block congestion.