Bitcoin Miners Revenue Reaches $353 Million Following the Bitcoin Price Rally

November 26, 2020 1:09 PM UTC

Miners on the Bitcoin network have seen a massive surge in their daily revenue. In October 2020, Bitcoin miner’s profit from transaction fees and block rewards climbed up to a high of $353 million, according to data from Comprar Acciones report.

The report mentioned October to be the most profitable month after three years for the network miner. With more than a 12% increase, miners monthly profit from transaction fees hit $42.9 million. 

Bitcoin price has accelerated at a rapid pace. On October 1st, the BTC price was close to $10,500; at the end of the month, its price soared to over $13,000. According to the report, the Bitcoin price rally mainly helps miners to secure their profit.

Bitcoin Miners’ Daily Profit Returns to Pre-Halving Levels

In May 2020, the Bitcoin mining reward was split in half after the halving event, which means miners have to make extra efforts to generate the same profits. Following the halving event, the daily mining revenue figure drops to $7.9 million from $19 million.

However, Bitcoin miner’s revenue has been restored to pre-halving levels, according to the data from Glassnode. On November 18, the daily mining profit for Bitcoin miners reached over 1,126 BTC, worth almost $21.2 million.

At the time of reporting, Bitcoin is trading at $19,200, as per CoinMarketCap. If Bitcoin keeps up with its growing trend, miners could observe even higher revenues this month. 

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