December was most lucrative month for crypto miners

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December saw an impressive total revenue for crypto miners of $1.6 billion, marking a remarkable 38% increase in revenue compared to the preceding month of November, according to Stocklytics.com.

“Notably, December 2023 has now set a new milestone in monthly revenue for Bitcoin miners,” said the site’s financial analyst, Edith Reads.

“Within this stellar performance, the onchain transaction rates for the month reveal an impressive trajectory with an average fee of 231 satoshis per virtual byte (sats/vB) or $20.86 per transaction.

“As we reflect on this remarkable feat, it illuminates the evolving economic landscape of blockchain technologies and the enduring potential within the crypto mining sector.”

Remarkable revenue

The Stocklytics Financial analyst added that after setting a remarkable revenue record of $1.16 billion in November, December has now become the new benchmark to surpass with $1.6 billion.

“The gains primarily stem from block discovery and transaction verification fees, with on-chain transaction fees contributing over $324 million,” she concluded.