Bitcoin miners enjoyed a 23% increase in revenue during August, driven by higher network fees from increased on-chain transaction volume as bitcoin (BTC) avoided a daily close below $11,000 throughout the entire month.
- Bitcoin miners generated an estimated $368 million in revenue in August, up from $300 million in July, and the third consecutive monthly increase in miner revenue, according to Coin Metrics data analyzed by CoinDesk.
- Revenue estimates assume miners sell their bitcoins immediately.
- Network fees brought in $39 million in August, or 10.7% of total revenue, setting the highest percentage of fee-generated revenue in over 18 months.
- Correspondingly, average daily fees continued July’s upward trend, staying above $2 for the entire month of August, according to Coin Metrics data.
- July’s revenue increase coincided with rallies of the shares of publicly traded mining companies, several of which continue to outperform bitcoin.
- In addition, Riot Blockchain, Marathon Patent Group have reported significant revenue increases and mining capacity growth over the past quarter. Even troubled Hangzhou, China-based Canaan Creative reported a 160% revenue increase over the June period.