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Bitcoin Miners Saw 23% Revenue Increase in August

Miners generated an estimated $368 million in August.

Sep 1, 2020 at 1:34 p.m. UTC
Updated Sep 14, 2021 at 9:50 a.m. UTC

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.

Monthly bitcoin mining revenue since January 2019.

  • 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.

Daily average Bitcoin network fees.

DISCLOSURE

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