The income of Bitcoin miners increased by 8% in October

by in Cryptocurrency News

Mining

By the end of October, bitcoin miners earned $ 353 million. Compared to September 2020, their revenues increased by about 8%, according to the data of the CoinMetrics team.

Analysts attribute the growth in the profitability of bitcoin mining to the rise in the price of the largest digital currency. In October, the value of BTC added 30%.

Besides, the suspension of the work of many Chinese pools had a positive effect on the profitability of mining.

Due to the end of the rainy season in several provinces of the Middle Kingdom, miners began to look for new regions to place equipment with lower energy rates.

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As a result, Bitcoin's hash rate dropped to its lowest since mid-summer. But transaction fees on the BTC network have increased.

Last month, miners earned $ 42.9 million from transaction processing (+ 12% compared to September). The last time the trend was observed in January 2018. Due to the release of some of the miners, the network turned out to be overloaded, which led to an increase in the cost of operations.

At the moment, China still holds the leading position in the ranking of countries in terms of the amount of computing power used to mine cryptocurrency.