Bitcoin mining revenue reported significant growth during the month of August. The increase in profits for miners has been 23% according to data collected from Coin Metrics.
The increase in profits from Bitcoin mining is measured taking into account the increase in commissions for transactions. The total income that these generated is estimated at about $ 368 million.
It is important to note that this is the third consecutive monthly income increase. Last July, people dedicated to the Bitcoin mining business made about $ 300 million USD.
Bitcoin Mining Reports Rising Revenue for Third Month in a Row
As noted above, the increase in Bitcoin mining revenue increased significantly during August. As for the increase in network fees, they were $ 39 million USD.
The increase in income only in the area of commissions, consists of approximately 10.7% of the total received by miners. Another interesting fact is that according to CoinDesk, the income received by the miners would be spent immediately.
The latter means that miners are selling most of the income on exchanges. In this sense, this action can have an impact on a drop in the price of the pioneer cryptocurrency. At the time of writing, the price of it stands at approximately $ 11,300.
Returning to the issue of commission income, people dedicated to the Bitcoin mining business would be receiving the highest rates reported in the last 18 months.
Daily rates continue to rise
Looking at the Coin Metrics data from the point of view of daily income, it should be noted that they continue with the growing trend of the month of July. Thus, the average rates were $ 2 for the entire month of August.
On the other hand, it should be remembered that the increases in July were a response to the stimulus of the mining companies listed on the stock market. In this sense, several of these firms trade with margins higher than those of Bitcoin, explains CoinDesk.
It should not be forgotten that manufacturers of Bitcoin mining equipment are also reporting improvements in the market. For example, Canaan Creatives, ensures that, in recent months, its sales have improved by 160%.
For its part, Bitmain, with everything and its internal problems, continues to dispatch equipment to everyone. A reflection of this are the multi-million dollar purchases made by firms such as Marathon and Riot Blockchain.
Recently, CryptoTrend reported about an increase in energy consumption in Bitcoin mining. He himself would have exceeded the barrier of 7 Gigawatts.
At the same time, it is estimated that, within a year, the total hash rate of Bitcoin could double. As a consequence of this, consumption could be around 10 GW.
All this continued increase in mining activity, as well as an upward trend in the price of the main cryptocurrency, is allowing Bitcoin mining income to remain high.
Data to take into consideration
- Increased sales by major manufacturers of Bitcoin mining equipment could play in favor of three consecutive increases in revenue.
- Fee income reached $ 39 million, representing 10.7% of total August revenue.
- The total income from Bitcoin mining in August was $ 368 million USD.
- The income of Bitcoin miners has been on the rise for the last three consecutive months.
The information in this content has been extracted from reliable sources detailed below.:
1- Professional content management by the authors of CriptoTendencia.
2- External sources: Coinmetrics.com and CoinDesk.com.