Bitcoin miners score their second-highest month of revenue ever with $1.72 billion in October

Nov 1, 2021 | The Block News | 0 comments

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Bitcoin miners hauled in $1.72 billion in revenue during October, new monthly data shows, the second-highest level on record.

That figure edges out April’s $1.7 billion but doesn’t quite exceed the all-time monthly high of $1.75 billion reported for May, as shown in the graph below.

Likely buoying the October figure was bitcoin’s rise to a new all-time high above $66,000. The cryptocurrency’s price hit a high of $66,909.15 on Coinbase during that period. 

The vast majority of the revenue came in the form of block subsidies — amounting to 6.26 BTC per transaction block. Transaction fees represented a paltry 1.62% of the total monthly revenue, or $27.47 million.

That continues a trend seen since the end of the summer, though the October transaction fee figure represents a three-month high for fee-related income. 

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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