Bitcoin Miners Saw 23% Revenue Increase in August

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.

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Zack Voell

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