Bitcoin miners earned $353M in October, an increase of 8% compared to September's figures.
The growth in mining profitability coincides with a 30% increase in the price of BTC as well as the seasonal migration of Chinese miners at the end of the month due to the end of the rainy season in Sichuan province. The latter has resulted in a drop in hashrate, a decrease in the speed of transaction processing as well as an increase in fees, CoinDesk has reported citing data from Coin Metrics.
The estimate of the miners' income is based on the fact they sell their mined Bitcoins right after they mine them. In October, miners earned $42.9M from, fees, more than 12% of the total income. The last time the participation was at the same level was back in January 2018. This is due to the highest congestion of the mempool in three years: it has filled up due to the fall in hashrate at the end of the month.
The miners' share of the revenue has been growing since April. In May, the Bitcoin halving took place, resulting in the miners' reward for mining a block falling from 12.5 BTCs to 6.25 BTCs.
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