Bitcoin miners quadrupled commission income in Q2
Bitcoin miners earned $184 million from commissions in Q2 2023
Total income of miners in Q2 2023 amounted to $2.4 billion
Bitcoin miners earned $184 million in commissions in the second quarter of this year, a figure nearly four times higher than the previous period and higher than data for the entire year 2022, Coin Metrics reported.
Miners' total revenue for the quarter was $2.4 billion.
The high fees were driven by the still-ongoing Ordinals boom and the implementation of the BRC-20 standard, analysts said.
"While the rate of commission payments has slowed significantly in recent weeks as activity has declined, the excitement has yet to die down as the token standard opens up new experimental scenarios for key types of bitcoin transactions and accelerates the scaling process with the Lightning Network," Coin Metrics specified in the piece
Analysts noted that other factors such as the strengthening of the BTC price and lower energy rates in the U.S. also influenced high quarterly earnings of miners.
Earlier it was reported that bitcoin miners send record high amounts of the cryptocurrency to exchanges. In the last week alone, they sent a record $128 million in cryptocurrency to trading floors.
Also amid the collapse of the crypto market at the end of 2022, miners sent large amounts of earned bitcoins to exchanges, which Glassnode labeled as "capitulation" amid falling prices.
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