Bitcoin miners’ fee revenue rose by 270%

In the second quarter, Bitcoin miners earned $184 million from fees. The figure is 270% higher than in the prior period and exceeds the full-year 2022 figure, according to Coin Metrics.

Total miners’ revenue for the quarter amounted to $2.4 billion.

Analysts say that the sustained boom Ordinals and the rollout of the BRC-20 standard have driven the high volume of fees earned by Bitcoin miners.

“Although the pace of fee payouts has slowed sharply in recent weeks as activity declines, the frenzy persists, as the token standard opens up new experimental use cases for the main types of Bitcoin transactions and accelerates scaling via the Lightning Network,” Coin Metrics analysts said.

In their view, other factors such as the strength of Bitcoin’s price and lower electricity tariffs in the United States also supported miners’ quarterly earnings.

However, competition in the sector has intensified as the network hashrate reaches new highs, so in the second half of the year participants will have to contend with a difficult mix of market variables, analysts say.

In the second half of June, miners sent more than $1 billion in Bitcoin to exchanges, setting a daily record for cryptocurrency inflows.