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Bitcoin miners made $368 million in revenue during August

Momina Khan

Bitcoin miners made $368.3 million in revenue last month, signifying a 23.19% month-over-month increase.

Per the chart below, this was the highest revenue figure — when accounting for block rewards and transaction fees — in the past three months.

 

[caption id="attachment_77049" align="alignnone" width="1610"]Source: Coin Metrics, The Block Research[/caption]

Bitcoin’s transaction fees grew from roughly 8.5% in July to 10.7% in August, according to a recent report by The Block’s Steven Zhang and Lars Hoffmann. 

On the contrary, Ethereum miners generated $285.1 million in revenue last month, marking a 98.2% month-over-month increase — the highest in 25 months. 

Notably, transaction fees on Ethereum increased drastically and made up 40.5% of Ethereum miners’ total revenue, compared to 10% in May. 

In June, bitcoin miners generated $281.6 million in revenue. The block reward halving in May cut the per block subsidy from 12.5 BTC to 6.25 BTC, resulting in a 15-month low for revenue. 


© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.