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In October Bitcoin Miners Received $1.72 Billion In Profits

Analysis
Mark Brennan
Author: Mark Brennan
Less than 1 min.read
bitcoin
bitcoin

October became quite successful for bitcoin miners as their BTC mining profit was $1.72 billion, almost reaching the May record of $1.75 billion.



Bitcoin miners’ profit from Transaction fees was only $27.47 million – 1.62% of the total revenue. The rest of the profit came from block subsidies, amounting to 6.26 BTC per transaction block.

btc mining profits in october

Chart Source: The Block Crypto

 

As a reminder, on October 20, Bitcoin reached its all-time high exceeding $66,000. Considering that Bitcoin miners receive income in BTC, it is not surprising that the earnings in US dollars almost touched the May all-time high mining profits.

At the same time, according to Kraken analysts, big miners are not selling their mined BTC. A similar trend of BTC accumulation is observed among smaller mining companies. At the end of October, the Bitcoin network hash rate returned to 188.666 Eh/s.

Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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