link710 link711 link712 link713 link714 link715 link716 link717 link718 link719 link720 link721 link722 link723 link724 link725 link726 link727 link728 link729 link730 link731 link732 link733 link734 link735 link736 link737 link738 link739 link740 link741 link742 link743 link744 link745 link746 link747 link748 link749 link750 link751 link752 link753 link754 link755 link756 link757 link758 link759 link760 link761 link762 link763 link764 link765 link766 link767 link768 link769 link770 link771 link772 link773 link774 link775 link776 link777 link778 link779 link780 link781 link782 link783 link784 link785 link786 link787 link788 link789 link790 link791 link792 link793 link794 link795 link796 link797 link798 link799 link800 link801 link802 link803 link804 link805 link806 link807 link808 link809 link810 link811 link812 link813 link814 link815 link816 link817 link818 link819 link820 link821 link822 link823 link824 link825 link826 link827 link828 link829 link830 link831 link832 link833 link834 link835 link836 link837 link838 link839 link840 link841 link842 link843 link844 link845 link846 link847 link848 link849 link850 link851

Bitcoin Miners Earn 353 Million in One Month The daily revenue of Bitcoin miners reached over 21 million in Novemberreturning to pre-halving levels By Liam Frost

Bitcoin Miners Earn $353 Million in One Month

The daily revenue of Bitcoin miners reached over $21 million in November—returning to pre-halving levels.

In brief

  • Bitcoin miners saw profits of $353 million in October—from both transaction fees and block rewards.
  • As Bitcoin's price rally continues, they may see higher revenues this month.
  • Miners' daily profits have returned to pre-halving levels not seen since May.

The combined revenue of Bitcoin (BTC) miners around the world—comprising both transaction fees and block rewards—amounted to $353 million in October, according to Comprar Acciones’ report published today.

Per the report, October turned out to be one of the best months over the past three years for Bitcoin miners. During that period, transaction fees amount to around $42.9 million—or over 12% of miners’ monthly profit. Including block rewards, the revenue of $353 million signified an 8% increase compared to September.

Breaking news on Twitter

Get top stories as they break and join the conversation by following us on Twitter Follow

The report highlighted several contributing factors that helped increase miners’ profits. Unsurprisingly, one of them is the rapid growth of BTC’s price in October as the crypto gained nearly 30% month over month. On October 1, Bitcoin was trading at around $10,800 per coin while its price surged to $13,800 on October 31.

For comparison, JP Morgan Chase stock rose by 8% in October while gold and the S&P 500 Index gained 1.44% and 5.31%, respectively.

Bitcoin’s upward trend also continued into November. At press time, the price of BTC hovers around $19,200, according to CoinMarketCap, which means that miners could potentially see even bigger revenues this month.

Bitcoin miners' total revenue over the last three months

Bitcoin miners' total revenue over the last three months. Image: Glassnode

According to Glassnode, Bitcoin miners’ daily profits also reached just over 1,126 BTC (roughly $21.7 million today), returning to pre-halving levels not seen since May when block rewards went from 12.5 BTC to 6.25 BTC. At the time, miners’ revenue dropped to as low as $7 million a day.

As Decrypt reported, Bitcoin—as well as the crypto market in general—is on fire lately. The price of BTC surpassed $19,000 yesterday and is already threatening to break the coin’s all-time high.Not that anyone’s actually sure what Bitcoin’s all-time high price was.