Bitcoin Mining Revenue Hits Record High of $1.2B

Bitcoin mining revenue peaked at $1.16 billion in November 2023, and miners collected record high fees in this month as well, data from The Block shows. In the second to last month of the year, Bitcoin miners had a heyday, boosted by rising prices and a significant growth in transfer fees. Fees accounted for just over $142 million of the total revenue of $1.16 billion.

Fluctuating earnings since previous peak in May

The performance in November surpassed the previous peak reached in May 2023, where Bitcoin miners amassed $919.22 million in revenue, including fees of $126 million. Earnings fluctuated between May and November 2023, with fees varying from about $17 million to $38 million in June.

Hash price is down

The revenue in November represents a 26% growth compared to May. Interestingly, the hash price was higher in May than in November. The hash price is the daily earnings generated per petahash per second (PH/s). One PH/s of hash power amounted to just over $124 on May 8, compared to $96 per PH/s on November 18.

Slight increase in transactions

There was a slight increase in Bitcoin transaction processing this month: 16.42 million transactions vs. 16.3 million in May. Moreover, Bitcoin’s on-chain daily volume in US dollars reached its second-highest level this month as well. It failed to top the record of 2023, which was on October 29.

Recent milestones in Bitcoin mining

In October, Pennsylvania legislators removed a two-year crypto mining ban from the Cryptocurrency Energy Conservation Act, citing pressure from trade labor unions.

In November, Bankless Times reported that China’s ban on crypto mining resulted in a 34% drop in the associated carbon footprint. Prior to the ban, China accounted for roughly 70% of the world’s BTC hashing power, which dropped to 21% in 2022.