Bitcoin miners raked $184M in fees in Q2, surpassing all of 2022

Bitcoin (BTC) miners made a lofty $184 million from transaction costs in the second quarter, much more than what they swiped over the whole 2022– as Bitcoins price surged and BRC-20 tokens flourished.The $184 million payment is more than a 270% boost from the first quarter of 2023 and it is the very first quarter to have actually exceeded the $100 million mark given that Q2 2021, according to a July 5 report from cryptocurrency analytics platform Coin Metrics.Bitcoin miners made more from costs in Q2 than the previous 5 quarters combined. Source: Coin MetricsBitcoin miners get deal fees whenevea new block has actually been validated, the quantity of which is figured out by the information volume and the user demand for block space.Coin Metrics said the dive in charges was because of Bitcoins recent cost surge reinforced top-line profits” and the development of BRC-20, a new token requirement on Bitcoin presented in March which uses Ordinals engravings to mint and transfer fungible tokens on the network, including: “The token standard does unlock speculative new usage cases for Bitcoins core transaction types, and accelerates the push to scale Bitcoin with the Lightning Network. It is worth keeping in mind that transaction fees represented only 7.7% of the overall $2.4 billion made by miners over the quarter.The remainder came in the type of Bitcoin obstruct benefits, with miners currently being rewarded 6.25 BTC for solving each block. This is set to fall to 3.125 BTC after the networks next halving cycle, expected to occur in May. Related: Bitcoin miners send record $128M in earnings to exchanges Bitcoin miners also had other reasons to commemorate in the 2nd quarter, according to the firm.In May, the Bitcoin mining industry “notched a win” with the Biden Administrations proposed Digital Asset Mining Energy (DAME) tax being blocked.In this scandal sheet of State of the Network, we take a data-driven look at the most essential occasions that affected the digital assets industry from Q2 2023 Get the insights here: https://t.co/xpcE27j1Fz#FutureofFinance #PutTruthtoWork pic.twitter.com/67RDHKA2bT— CoinMetrics.io (@coinmetrics) July 5, 2023.

Bitcoin miners also enjoyed simpler macroeconomics conditions in the quarter too, with “declining inflation pressures” equating to lower electrical power rates for United States-based miners, Coin Metrics kept in mind.” Magazine: Bitcoin 2023 in Miami comes to grips with shitcoins on Bitcoin