In the second quarter of 2023, miners of the leading cryptocurrency Bitcoin saw a 270% increase in fees collected, earning a total of $184 million.
The entirety of the quarterly revenue stood at a staggering $2.4 billion, more than all of 2022’s figure calculated by Coin Metrics.
The skyrocket in revenue was due to the introduction of the BRC-20 standard and the strengthening of the price of Bitcoin and reduced electricity tariffs within the United States.
Despite the reduced activity rate in recent weeks, the growth in the industry has attracted more competitors as network hashrate hits new heights, so miners will have to face tough market conditions in the second half of the year to stay atop the industry.
In June, miners sent a record-shattering $1 billion in bitcoin to exchanges.
