In November 2023, the Bitcoin BTC 0.10% mining industry achieved a significant milestone, as revenues soared to a record $1.16 billion.
This remarkable increase was primarily fueled by a surge in Bitcoin prices and a substantial rise in transfer fees. Notably, the fees contributed an impressive $142.19 million to the total revenue, setting a record for the highest monthly fees collected by miners within the year.
This performance in November significantly surpassed the previous high reached in May 2023, where the total revenue was $919.22 million, inclusive of $125.92 million in fees.
The journey from May to November 2023 witnessed a fluctuation in miners’ earnings, with a notable rise in fees, peaking at about $38 million in June.
The total revenue in November represented a substantial increase of approximately 26% compared to May’s figures. However, it’s interesting to note that the hash price, a metric that measures the revenue generated per petahash per second (PH/s) each day, was more favorable in May.
On May 8, 2023, the value of a single PH/s of hashpower stood at $124.17, whereas in November, on the 18th, it was slightly lower at $96.36 per PH/s.
Additionally, there was a marginal uptick in the volume of Bitcoin transactions in November, with 16.42 million transactions processed, slightly edging out the 16.3 million transactions recorded in May.
Moreover, Bitcoin’s on-chain daily volume, measured in USD, also achieved notable heights in November, though it fell short of surpassing the highest peak of the year, which occurred on October 29, 2023.
This increase in revenue and the number of transactions processed in November 2023 highlights the growing activity and profitability in the Bitcoin mining sector, reflecting the dynamic nature of the cryptocurrency market.
The fluctuation in the hash price also indicates the changing efficiency and profitability dynamics within the mining industry.