The revenue of the miners of the largest crypto in the market is increasing significantly.
According to data provided by Blockchain.com, the revenue of the BTC miners has reached levels prior to the May halving, the third in the history of the coin, in which the reward they receive for mining a block was reduced from 12.5 to 6.25 Bitcoins.
It looks like that this increase in revenue is related to the recent surge in the price of Bitcoin, which has recently hit its highest level since January 2018, when the reference crypto was moving away from its 2017 peak ($20,000).
Thus, the BTC miners' revenue soared to $20.8M on November 4, its highest level since September 2019, when the miners' reward for mining a block was twice as high as it is now.
The rise in the price of Bitcoin seems not to be the only reason behind this increase in the miners' revenue, as the rise in transaction fees also appears to have had a positive impact. In particular, fees posted an outstanding increase of 200% in late October. As a result, the percentage of BTC miners' revenue from fees has grown significantly, representing $4.15M or approximately 20% of the miners' total revenue.
It seems the increase in revenue has resulted in many miners selling their BTCs in order to make a profit. However, the number of miners selling their coins is still relatively small compared to the levels registered shortly before the May halving.
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