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.
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.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-
