The income of BTC miners in August increased by 23% on the background of high fees and increased transaction volume. In addition, the price of bitcoin remained above $11,000.
According to CoinMetrics, bitcoin miners generated revenue of $368 million in August, compared to $300 million in July. Thus, the revenues of industry representatives grew for two consecutive months, 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.
Estimates of miners ‘ earnings for August suggest that the extracted BTC is immediately sold. According to Glassnode, last week, 1.82 million BTC was stored on miners ‘ wallets, and this is the maximum for two years. Analysts have suggested that as bitcoin continues to trade above $11,000, miners are waiting for 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. According to CoinMetrics, the average Commission size increased by 525% in July and remained above $2 throughout August.
Recall that, according to the recent financial report of the Chinese manufacturer of miners Canaan Creative for the second quarter of 2020, the company’s losses decreased to $2.38 million, and revenue increased to $25.2 million.