Staying Alive — Bitcoin Mining Earns Near-Record Revenue in October
Last month, the revenue from bitcoin mining saw a significant increase of $131.45 million compared to September. This surge was mainly due to the rise in BTC prices. However, there was a slight decrease of $5.44 million in earnings from fees. Despite this, October became the second-highest month of the year in terms of revenue generated from BTC block rewards.
Bitcoin Mining Pools and Contributions
Currently, there are 43 mining pools contributing their SHA256 hashpower to the Bitcoin blockchain, collectively reaching an impressive 463 exahash per second (EH/s).
Foundry USA led the way last month, discovering 28% of the block rewards, followed closely by Antpool with 27%. F2pool and Viabtc each claimed about 11%, while Binance Pool located 7.23% of the total block finds.
Record-Breaking Network Difficulty
The month of October witnessed three successive increases in network difficulty, culminating in a record-setting level of 62.46 trillion difficulty. This poses the most significant challenge for bitcoin miners in the history of the network.
Increase in Bitcoin Miner Revenue
With the price surge, bitcoin miners experienced an increase in revenue of $131.45 million in October, surpassing September’s earnings. Although fees in October surpassed those of August, they fell short compared to September by $5.44 million.
Fee Reduction and Uptick in Activity
In October, miners earned $20.96 million in fees, down from $26.4 million in September. This decrease may be attributed to a decline in Ordinal inscriptions, although there has been recent growth in this activity.
October’s Impressive Revenue
Referred to as ‘Uptober’ in the crypto community, October delivered the second-highest monthly revenue for miners in 2023, with May holding the top spot at $919.22 million.
Hot Take: Bitcoin Mining Sees Strong Revenue Growth in October
October proved to be a lucrative month for bitcoin miners, with a significant increase in revenue driven by rising BTC prices. Despite a slight dip in fee earnings, October became the second-best month of the year for miners. The network difficulty reached a record high, posing a challenge for miners. However, they still managed to generate substantial revenue, cementing October’s position as an impressive month for bitcoin mining.
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