Bitcoin Miners Earn $21 Million in One Day

The average daily revenue of Bitcoin miners has reached $21 million again, returning to its pre-halving levels. Block rewards and transaction fees brought in $353 million in October alone.

Miners may earn more in November

According to a new report from Comprar Acciones published today, the combined revenue for Bitcoin miners for the month of October of $353 million. Miners around the globe earned this amount via block rewards and transaction fees which averaged at $21 million per day. October was one of the best months for miners in the last three years.

Transaction fee on the network comprises of more than 12% of their monthly profits, amount to $42.9 million. The total revenue marked an 8% month-on-month rise as well.

What led to the gain in revenue?

The report pointed out several factors that contributed to the surge in miner profits. One of the primary reasons behind the surge is the rise in the price of Bitcoin. The premier digital coin’s price increased by 30% on a monthly basis. On October 1, the coin traded for $10,800 but by October 31, it went up to $13,800.

The stocks of JP Morgan Chase rose by 8% in October, gold gained 1.44% while the S&P 500 Index went up by 5.31% during the month. The upward price movement of Bitcoin continues in November as well. Currently, the price of the coin is at $19,200 which is leading it close to its all-time highs achieved in late 2017.

Glassnode data suggests that the daily profits for Bitcoin miners are at $21.7 million or 1,126 BTC. This means that the profits have returned to the pre-halving levels last seen in May. At the time, the block rewards for Bitcoin went down from 12.5 BTC to 6.25 BTC because of which daily revenue for miners went down to $7 million. With the growing price of a cryptocurrency, it is likely that miner profits will also continue their upward movement.