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Bitcoin (BTC)miners made a lofty $184 million from transaction fees in the second quarter of 2023 far more than theypocketed throughout the entire year of 2022 as Bitcoins price surged and BRC-20 tokens flourished.

The $184 million payout is a more than 270% increase from Q1 2023, and it is the first quarter to have surpassed the $100 million mark since Q2 2021, according to a July 5 report from cryptocurrency analytics platform Coin Metrics.

Bitcoin miners receive transaction fees whenever a new block has been validated the amount of which is determined by the data volume and user demand for block space.

Coin Metrics said the jump in fees was due to Bitcoins recent price surge bolstering top-line revenues and the advent of BRC-20 a new token standard on Bitcoin networkintroduced in March to mint and transfer fungible tokens like Ordinals inscriptions adding:

However, it is worth noting that transaction fees represented only 7.7% of the total $2.4 billion made by miners over the quarter.

The remainder came from Bitcoin block rewards, with miners currently rewarded 6.25 BTC for solving each block. This is set to fall to 3.125 BTC after the networks next halving,which is expected to occur around May 2024.

Related: Bitcoin miners send record $128M in revenue to exchanges

Bitcoin miners also had other reasons to celebrate in Q2, according to the firm.

In May, the Bitcoin mining industry notched a win with the blocking of United States President Joe Bidens administrations proposed Digital Asset Mining Energy tax.

Bitcoin miners also enjoyed easier macroeconomics conditions in the quarter, with receding inflation pressures translating to lower electricity prices for U.S.-based miners, Coin Metrics noted.

However, with Bitcoins hash ratecontinuing to reach new all-time highs over the last 12 months, competition in the mining fee market is also tightening, Coin Metrics explained:

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Bitcoin miners raked $184M in fees in Q2, surpassing all of 2022 - Cointelegraph