Bitcoin miners rake in $353 mln in October

Total revenue for Bitcoin miners in October reached $353 mln, up 8% from September, with network fees accounting for $42.9 mln or 12% of the miners’ total revenue in that month, and the highest percentage since January 2018, according to a market study.

Research data analysed by Comprar Acciones, showed that the increase in miners’ fees and revenue coincided with an upsurge in the BTC price. Based on Coinmarketcap data, Bitcoin’s price went from $10,800 to over $13,800 in October 2020 alone.

As of Monday morning, November 30, the top crypto is trading at around $18,700.

In October alone, BTC price soared by almost 30% month-over-month. Overall, it has had a strong 2020 following the mid-March slump.

On March 12, it shed nearly 50% in tandem with the rest of the market. However, it recovered soon thereafter, going from $6,427 in Q1 to $9150 in Q2 and $10,794 in Q3 according to Statista.

In the first month of Q4, it shot up by 42%, compared to 1.44% for gold, 0.00% for the dollar and 5.31% for the SPX.

On November 5, it grew by 108.4% year-to-date. Comparatively, gold gained 25.15%, the US dollar got 1.58% and the SPX was up by 6.58% in the same period.

Moreover, according to a study by Grayscale, 55% of US investors said they were interested in Bitcoin investments in 2020, up from 36% in 2019.

The October Bitcoin miners’ fees also had to do with mempool congestion resulting from a drop in network hashrate (BNHR).

According to YCharts, BNHR went from 141.83 million on October 1 to an ATH of 147.01 million on October 18. From there, it took a nosedive to 107.64 million on October 31. Glassnode reported that Bitcoin mining revenue rose to a new yearly high of $21 million per day as of November 19.