- Bitcoin miners made $ 353 million in profits 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 a halving level not seen since May.
The combined revenue of Bitcoin (BTC) miners around the world, which includes both transaction fees and block rewards, was $ 353 million in October Buy promotions‘Report released today.
According to the report, October turned out to be one of the best months in the past three years for Bitcoin miners. During this period, transaction fees total around $ 42.9 million – or more than 12% of the miners’ monthly bottom line. Including block rewards, revenue of $ 353 million was an 8% increase over September.
The report highlighted several factors that have helped increase miners’ profits. Unsurprisingly, one of these is the rapid growth in BTC price in October, as crypto gained nearly 30% month on month. Bitcoin was trading at around $ 10,800 per coin on October 1, while the price soared to $ 13,800 on October 31.
For comparison, JP Morgan Chase stock rose 8% in October, while gold and the S&P 500 index rose 1.44% and 5.31%, respectively.
Bitcoin’s upward trend continued in November. As of press time, BTC is priced at $ 19,200, according to CoinMarketCap, meaning miners could potentially make even bigger earnings this month.
According to Glass knotBitcoin miners’ daily profits also hit a little more than 1,126 BTC (around $ 21.7 million today) and returned to levels not seen since May when the block rewards went from 12.5 BTC to 6 , 25 BTC rose. At the time, miners’ earnings dropped to just $ 7 million a day.
As Decrypt Bitcoin has been reportedly on fire recently, as has the crypto market in general. The price of BTC exceeded $ 19,000 yesterday and already threatens to break the coin’s all-time high.Not that anyone is really sure What an all-time high price Bitcoin was.