Bitcoin miners generated an estimated $692 million in revenue in December, up 33% from November, according to on-chain data from Coin Metrics analyzed by CoinDesk.
Extending November’s own 48% increase, miner revenues continued to soar as bitcoin rallied over 300% last year, briefly trading above $29,000 for the first time ever on New Year’s Eve.
Revenue estimates assume miners sell their BTC immediately.
Measured by per terahash per second (TH/s), miner revenues nearly tripled in the past three months, reaching $0.284 Thursday, per data from Luxor Technologies, its highest level since August 2019, as CoinDesk previously reported.
Network fees brought in $68.3 million in December, or nearly 10% of total revenue, a slight percentage decrease from the 10.5% of revenue represented by fees in November.
Fees were quite volatile in December, bouncing between $4 to all the way to above $12 throughout the month, per Coin Metrics.
Notably, fees
