In October, the landscape of bitcoin mining revenue brightened, climbing by $131.45 million over September’s figures. Last month’s surge in BTC prices significantly bolstered revenues, although there was a slight dip in the earnings from fees, which saw a $5.44 million decrease from the previous month. October emerged as the runner-up for the year in terms of monthly revenue generated from BTC block rewards.
Staying Alive — October Marks Near-Record 2023 Earnings for Bitcoin Mining
As of this report, a total of 43 distinct mining pools are channeling SHA256 hashpower toward the Bitcoin blockchain. Collectively, they contribute an impressive 463 exahash per second (EH/s).
In the past month, Foundry USA led the charge, discovering 28% of the block rewards, while Antpool was close behind, securing 27% of the subsidies in October. Not to be overshadowed, both F2pool and Viabtc each claimed about 11%, and Binance Pool rounded out the group by locating 7.23% of the month’s total block finds.
The month of October didn’t just bring about a windfall for miners; it also marked a trio of successive network difficulty increases, culminating with the last 2.35% hike to a record-setting 62.46 trillion difficulty level.
This figure represents the most formidable challenge bitcoin miners have faced throughout the network’s existence. Amid the price surge, Bitcoin miners experienced a revenue increase of $131.45 million in October, surpassing September’s total earnings of $753.6 million.
October’s revenue for bitcoin miners not only topped the $807.01 million total from August but also saw a slight shift in fee collection. Although fees in October topped August’s $17.2 million, they did not reach the heights of September, falling $5.44 million short.
Miners enjoyed $26.4 million in fees in September, but this number dipped to $20.96 million in October. A contributing factor to this fee reduction may be linked to a decrease in Ordinal inscriptions, though there has been a recent uptick in this activity.
In the crypto community, October has been affectionately termed ‘Uptober,’ and fittingly, it delivered the second-highest monthly revenue for miners in the year 2023, only trailing behind May’s impressive $919.22 million haul.
What do you think about bitcoin miner revenue improving in October? Share your thoughts and opinions about this subject in the comments section below.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments