BTC miners’ income grew 23% in August amid high fees and increased transaction volume. In addition, the price of bitcoin remained above $ 11,000.
Bitcoin miners generated $368 million in revenue in August, up from $300 million in July, according to CoinMetrics. Thus, the income of industry representatives grew for two months in a row, while in June they fell by 23% due to a decrease in the size of commissions and a decrease in the block reward to 6.25 BTC.
Miners’ earnings estimates for August assume mined BTC is immediately sold. According to Glassnode, there were 1.82 million BTC stored in miners’ wallets last week, a maximum of two years. Analysts have suggested that as Bitcoin continues to trade above $11,000, miners are looking forward to further growth to maximize profits.
Transaction fees in August brought miners $39 million, or 10.7% of total revenue, the highest in more than 18 months. Average commissions rose 525% in July and stayed above $2 throughout August, according to CoinMetrics.
We remind that, according to the recent financial report of the Chinese miner manufacturer Canaan Creative for the II quarter of 2020, the company’s losses decreased to $2.38 million, and revenue increased to $25.2 million.
