A total increase of 8% was received last October by the miners of the ecosystem’s main kryptonite, Bitcoin.
The miners of the most popular of the digital coins, Bitcoin, saw their income grow by 8% during October. According to Blockchain’s graphs, that month’s revenue amounted to US$357.3 million. The previous month, September, was $328.7 million.
It should be noted that, on a daily basis, miners receive between $10 and $13 million USD. Prior to the Halving on May 11th, it was approximately double, which means that the gains from the recent rise in the price of this crypto currency remain to be seen.
The increase was mainly expressed during the last days of the month, after the massive disconnections in China. It should be noted, that this caused Bitcoin’s hash rate to fall and transactions to slow down, and as a consequence, commissions to rise.
Bitcoin miners earned average earnings
Although the 8% growth may seem large, the income of Bitcoin miners with 1k daily Profit remained at its average. As already mentioned, since last May, when the Halving was produced, production was cut by 50%.
The expected increase after May’s cut has not materialised enough to match the pre-May levels. As for the fall in the Bitcoin hash rate, this is a process that runs parallel to the abandonment of Sichuan by miners.
When the winter season begins in that country, Sichuan province experiences a surplus of energy. The hydroelectric infrastructure increases its capacity significantly. In response to this, the government lowers energy prices, which is attractive to thousands of miners throughout the territory.
However, when the monsoon ends, electricity prices return to the previous stage and as a result, the Bitcoin miners return. This migration, causes the already highlighted fall in the computing power of the main cryptomone.
Commissions reach a three-year high
Another aspect that affects the income of Bitcoin miners is the commissions they have to pay for transactions. Although an increase in these fees will increase their income, it will also increase their income.
For example, miners must sell part of their bitcoins to cover operating expenses. The increase in commissions, at this stage, plays its part in increasing expenses.
This increase in the value of network commissions for transactions is the highest reported since 2018. Not least, according to CoinMetrics data, this is the third largest increase in commissions in Bitcoin’s history.
The largest of these occurred in January 2018, when miners were required to pay an average of $33.6. The second, although less extreme than the first, was in November 2017 when the average in USD was $12.5.
The second, although less extreme than the previous one, was in November 2017 when the average in USD reached $12.5.
Data to take into consideration
- Income of the Bitcoin miners, during the month of October reached $357.3 million USD.
- This figure represents an increase of 8% from the previous September, when it was $328.7 million.
- Bitcoin’s hash rate continues to fall in the face of the mass layoffs in Sichuan. It is currently at 108 EH/s.
- At the time of writing, the price of the most popular digital coin is $13,500.