Bitcoin Miners Brought in Close to $500 million Revenues in the Month of November

Bob Coiney

December 3, 2020

The Bitcoin miners were quite active during the month of November, by bringing in around $520 million in revenues. This is being seen as a massive leap compared to the earlier month. 

According to a news article on Theblockcrypto , the revenue for the month of November represented close to a 50% increase compared to the previous month of October. That is an excellent sign that the Bitcoin market is headed in the right direction. 

The month of October saw a plunge but steady revenue of around $350 million from the Bitcoin miners. The miners can make good money by designing the next block of transactions flawlessly and getting the most out of it.

Miners can earn both the built-in subsidy, which is at 6.25 BTC, and the combined fees that are paid for the transactions that are included in the block. From the $520 million that are made in November, more than $54 million was from transaction fees.

Foundry which is a subsidiary of DCGco, and a financing and advisory company, tweeted this information about the development.

This is quite similar to an article published in October on Coindesk. Bitcoin miners were able to make $352 million in October. That was slightly more than 10% of September’s preceding month based on data received from Coin Metrics.

That was possible due to the increase that happened as Bitcoin roared (BTC, +3.01%). It was able to close at 30% at $13,800. The shifts that often occur in the mining hardware also are a reason for the late surge in October. 

However, the hash rate dropped, which caused the transaction processing to slow down. This resulted in an increase in the fees. This month also saw miners in China relocate to areas where the power bills are cheap. 

The increase in Bitcoin value has been happening since April, which was a notable sign for traders. However, the fees were increased because they want to improvise the network’s security every four years as subsidy decreases.

The Block Research by-the-numbers crypto data breakdown is given here.