Bitcoin Miners made $353 million in October

Reading time:

US$ 42.9 million of the Bitcoin miners profit came from the network taxes, around 12% of the total profit.

Bitcoin is certainly at a good time with its price going to new annual records and some of the most acts in its history. But far beyond the price action, there are different values that we need to analyze in the daily currency, the profit of the miners is also one of them and currently this data is growing.

Not long ago we had the Bitcoin halving, which cut in half the mining reward, this is considered a good development for the network, but it depends on the Bitcoin price to maintain the interest of the miners and the blockchain remain safe. Without profit, the machines are turned off and the mining power ends up falling. But the recent rise in Bitcoin Profit value has given the mining sector a boost.

Not everything is positive for the network, since a good part of the profit came not only from the increase in price, but also from transaction fees. While this may be a good sign, since more people are using the network, it’s also a concern, because very high rates may drive away investors users.

Bitcoin Miners made US$ 353 million in October

According to data from Coindesk Research, during the month of October there was a considerable increase in profit by the miners. The increase over October was 8%, reaching $ 353 million. The figure is still lower than in other periods, however, it was greatly influenced by the recent price increase, with the mining subsidy guaranteeing most of the profit.

Monthly profit of Bitcoin miners since 2016.

It is worth noting that $42.9 million of the profit of the Bitcoin miners came from the network rates, about 12% of total profit. This is the highest percentage since January 2018, when Bitcoin was still at its peak.

With the Bitcoin high came also an increase in the use of the network and transactions, which ended up causing a traffic jam, longer confirmation waiting times and rates reaching US$ 13.45 by the end of the week.

This is the worst Bitcoin congestion in about three years and the profit based on rates has been increasing since April, when halving came into effect. This, however, is not a sign that the network is having problems, but it certainly creates an inconvenience for those who want to use Bitcoin as a bargaining chip.