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On April 20, 2024, miners collected almost $79 million in transaction fees.
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During the early years, this statistic recorded revenues of USD cents.
The daily profits that Bitcoin (BTC) miners earned thanks to transaction fees paid by users reached an average of $2.5 million during 2024, according to Coinmetrics.
Added to the block subsidy reward (3,125 BTC after the halving 2024), Bitcoin miners also receive the transaction fees that users paid for their operations are included in the following block. The cost of these fees varies depending on network congestion and the urgency of the transaction.
In this framework, through the following graph extracted from the Coinmetrics analysis platform, it can be seen that on April 20, the highest peak of this statistic in 2024 was recorded, when the miners obtained income of almost 79 million dollars.
In accordance with what was reported by NoticiasVE, the graph shows that the worst months in terms of profitability of Bitcoin mining were July, August, September and October.
As can also be seen in the previous graph, during these 4 months the miners’ income from transaction fees recorded levels lowest in 2024.
However, during November and December these gains regained strength and, given the increase in the price of bitcoin from that period to today, miners saw an increase in their transaction fee income.
Miners’ earnings from transaction fees grow year after year
During the early years, these fees represented a minor portion of miners’ income.
As the adoption of bitcoin increased and its price rose, especially in periods of high activity on the network, such as the bull markets of 2013, 2017 and 2021, these fees began to occupy a place most relevant in mining income.
The percentage growth in rates has been notable, going from initial values equivalent to cents on the US dollar to current levels that exceed millions of dollars.
For example, considering that, according to Coinmetrics, on December 19, 2010, miners’ earnings from transaction fees were $0.01 and on December 19, 2024 that figure exceeded $2.2 million, the returns they receive the miners through this reward they grew almost 22,000,000,000% in 15 years.
This figure, which seems exorbitant, is eloquent proof of the growing use of bitcoin and its ecosystem.