Bitcoin Miners Have Raked In Around $184 Million In Fees

Nigerian crypto

Miners of Bitcoin managed to make a lofty $184 million from hefty transaction fees in the second quarter of the year. This has been far more than what they have pocketed throughout 2022- with the price of the cryptocurrency surging beyond belief, and the BRC-20 tokens flourishing.

The payout of $184 million shows an increase of around 270% from Q1 2023, and it is the first quarter that has managed to surpass the $100 million mark since the second quarter in 2021, according to a report from the 5th July from Coin Metrics, a cryptocurrency analytics platform. The miners of this cryptocurrency receive their fees whenever a new block ends up being validated- wherein the amount gets determined by the user demand and the data volume for block space. 

Bitcoin Miners Enjoying Their Pot Of Gold

Coin Metrics mentioned that this jump in the fees was largely due to the recent price surge of Bitcoin where it bolstered some of the top-line revenues. The advent of the BRC-20- which is a new token standard on the network of Bitcoin was introduced in March in order to mint and further transfer fungible tokens like Ordinals inscriptions. However, one also has to note that the transaction fees represented just 7.7% of the total sum of $2.4 billion that was made by the miners in this particular quarter.

The remainder of the payout comes from the block rewards of Bitcoin, with the miners currently being rewarded 6.25 BTC for solving every block. This will potentially fall to 3.125 BTC after the next halving of the network, which could be expected to occur around May 2024.