Bitcoin miners raked $184M in fees in Q2, surpassing all of 2022
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Bitcoin
Bitcoin miners also had other reasons to celebrate in the second quarter, according to the firm.
In May, the Bitcoin mining industry “notched a win” with the Biden Administration’s proposed Digital Asset Mining Energy (DAME) tax being blocked.
In this special edition of State of the Network, we take a data-driven look at the most important events that impacted 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 easier macroeconomics conditions in the quarter too, with “receding inflation pressures” translating to lower electricity prices for United States-based miners, Coin Metrics noted.
However, with Bitcoin’s hashrate continuing to reach new all-time highs over the last 12 months, competition in the mining fee market is also tightening, Coin Metrics explained:
“Competition remains as fierce as ever, with Bitcoin’s hashrate breaking new highs during the quarter at 375 EH/s […] We see that the overall network’s efficiency continues to increase with the adoption of modern ASICs such as the S19 XP.”
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