Bitcoin miners continue to double their income from transaction fees as the price of the largest cryptocurrency has risen over 20% since the beginning of December 2023, surpassing $45,000. Current data shows that Bitcoin miners have made significant gains from transaction fees in just 30 days.
Bitcoin Miners Collect $4 Million in Fees
According to the latest observation highlighted by cryptocurrency expert Will Clemente, Bitcoin miners have topped the list in revenue generated from transactions in the last 24 hours, 7 days, and 30 days among Blockchain networks. The data from the last 30 days reveals that Bitcoin miners’ transaction fee income has exceeded $4 million. This development is considered an important signal of growth for both the miners and the overall security of the Bitcoin network.
As the US approaches the approval of the first spot Bitcoin ETF, Bitcoin mining activity has increased significantly, especially in the last 8 days. This increase in mining activity is expected to continue until the Bitcoin block reward halving in April 2024.
Bitcoin investor Mike Alfred recently tweeted that there has been a significant increase in the number of Bitcoin miners over an 8-day period. Alfred emphasized that contrary to popular belief, Wall Street does not have an all-encompassing level of knowledge. He particularly pointed out that current Wall Street valuations have not yet accounted for Bitcoin’s potential to reach prices of $60,000 or $100,000. Alfred mentioned that the significant activity among Bitcoin miners is just beginning and indicates more growth potential in the sector.
Bitcoin Miner CleanSpark Prepares to Launch Trading Desk
CleanSpark, one of the leading Bitcoin mining companies in the US, is preparing to set up an in-house trading desk next year to increase its earnings from cryptocurrencies. This move aims to take advantage of CleanSpark’s substantial BTC holdings for more efficient financial management.
CleanSpark CEO Zachary Bradford highlighted the strategic advantage of managing trading activities in-house, using the company’s substantial BTC holdings as a driving factor. This approach aligns with the broader trend among Bitcoin miners who are increasingly exploring options like crypto derivatives and options to generate income from their crypto reserves.
For example, another Bitcoin miner, Marathon Digital, is utilizing Bitcoin call option contracts to generate additional income, taking advantage of its substantial BTC holdings. This strategy provides buyers with the right to purchase the underlying BTC at a predetermined price within a certain time frame.
