{"id":12532,"date":"2023-07-06T01:53:19","date_gmt":"2023-07-06T01:53:19","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=12532"},"modified":"2023-07-06T01:53:20","modified_gmt":"2023-07-06T01:53:20","slug":"bitcoin-miners-raked-up-184m-in-fees-in-q2-surpassing-all-of-2022","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=12532","title":{"rendered":"Bitcoin miners raked up $184M in fees in Q2, surpassing all of 2022"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) miners made a lofty $184 million from transaction fees in the second quarter, far more than what they\u00a0pocketed over the entire 2022 \u2014 as Bitcoin\u2019s price surged and BRC-20 tokens flourished.<\/p>\n<p>The $184 million payout is more than a 270% increase from the first quarter of 2023 and it is the first quarter to have surpassed the $100 million mark since Q2 2021, according to a July 5 report from cryptocurrency analytics platform Coin Metrics.<\/p>\n<p><em>Bitcoin miners earned more from fees in Q2 than the previous five quarters combined. Source: Coin Metrics<\/em><\/p>\n<p>Bitcoin miners receive transaction fees whenevea new block has been validated, the amount of which is determined by the data volume and the user demand for block space.<\/p>\n<p>Coin Metrics said the jump in fees was due to Bitcoin\u2019s recent price surge bolstered \u2018top-line revenues\u201d and the advent of BRC-20, a new token standard on Bitcoin introduced in March which uses Ordinals inscriptions to mint and transfer fungible tokens on the network, adding: <\/p>\n<p>\u201cThe token standard does unlock experimental new use cases for Bitcoin\u2019s core transaction types, and accelerates the push to scale Bitcoin with the Lightning Network. <\/p>\n<p>However, it is worth noting that transaction fees represented only 7.7% of the total $2.4 billion made by miners over the quarter.<\/p>\n<p>The remainder came in the form of Bitcoin block rewards, with miners currently being rewarded 6.25 BTC for solving each block. This is set to fall to 3.125 BTC after the network\u2019s next halving cycle, expected to take place in May. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Bitcoin miners send record $128M in revenue to exchanges <\/em><\/strong><\/p>\n<p>Bitcoin miners also had other reasons to celebrate in the second quarter, according to the firm.<\/p>\n<p>In May, the Bitcoin mining industry \u201cnotched a win\u201d with the Biden Administration\u2019s proposed Digital Asset Mining Energy (DAME) tax being blocked.<\/p>\n<p lang=\"en\" dir=\"ltr\">In this special edition of State of the Network, we take a data-driven look at the most important events that impacted the digital assets industry from Q2 2023.<\/p>\n<p>Get the insights here: https:\/\/t.co\/xpcE27j1Fz#FutureofFinance #PutTruthtoWork pic.twitter.com\/67RDHKA2bT<\/p>\n<p>\u2014 CoinMetrics.io (@coinmetrics) July 5, 2023<\/p>\n<p>Bitcoin miners also enjoyed easier macroeconomics conditions in the quarter too, with \u201creceding inflation pressures\u201d translating to lower electricity prices for United States-based miners, Coin Metrics noted. <\/p>\n<p>However, with Bitcoin\u2019s hashrate continuing to reach new all-time highs over the last 12 months, competition in the mining fee market is also tightening, Coin Metrics explained:<\/p>\n<p>\u201cCompetition remains as fierce as ever, with Bitcoin\u2019s hashrate breaking new highs during the quarter at 375 EH\/s [&#8230;] We see that the overall network\u2019s efficiency continues to increase with the adoption of modern ASICs such as the S19 XP.\u201d<\/p>\n<p><strong>Magazine: <\/strong><strong><em>Bitcoin 2023 in Miami comes to grips with \u2018shitcoins on Bitcoin\u2019<\/em><\/strong><\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-miners-raked-millions-in-fees-q2-amid-ordinals\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) miners made a lofty $184 million from transaction fees in the second quarter, far more than what they\u00a0pocketed over the entire 2022 \u2014 as Bitcoin\u2019s price surged and BRC-20 tokens flourished. The $184 million payout is more than a 270% increase from the first quarter of 2023 and it is the first quarter [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12533,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-12532","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12532","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12532"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12532\/revisions"}],"predecessor-version":[{"id":12534,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12532\/revisions\/12534"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/12533"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12532"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12532"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12532"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}