Bitcoin mining profitability rises to six-month high

by in Cryptocurrency News

Mining

The rise in the price of bitcoin has led to an increase in miners' income. By the end of October, they earned $ 353 million (+ 8%), as previously reported by CoinMetrics analysts.

Miners' income has returned to the levels observed in the run-up to the so-called May halving (reduction in the reward for mining a block).

In the first five days of November, the income of bitcoin miners has already amounted to almost $ 21 million. The last time they received about the same benefits in early May 2020.

Trending: Vitalik Buterin's $25.000 Doge Investment Brought Him $4.3 M

Analysts attribute this trend to the ongoing rally in bitcoin. In parallel, there has been an increase in fees for processing transactions in the BTC network. Since the end of October, charges have increased by almost 200%. Since the beginning of November, miners have earned $ 4.15 million from commission processing, which is about 20% of their total income.

The CryptoQuant team believes that many mining pools will soon start selling their accumulated bitcoins to cash in on the November rally.

Earlier, the CEO of CryptoQuant, Ki Yang Joo, tweeted that large cryptocurrency holders have already started bringing BTC to exchanges. That is an alarming signal for the market. However, the same expert believes that miners will try to wait for a higher bitcoin price to make the most of it.