Bitcoin miners made $368 million in revenue during August

Mining • September 11, 2020, 4:36PM EDT
The Block

Bitcoin miners made $368.3 million in revenue last month, signifying a 23.19% month-over-month increase.

Per the chart below, this was the highest revenue figure — when accounting for block rewards and transaction fees — in the past three months.

 

Source: Coin Metrics, The Block Research

Bitcoin’s transaction fees grew from roughly 8.5% in July to 10.7% in August, according to a recent report by The Block’s Steven Zhang and Lars Hoffmann. 

On the contrary, Ethereum miners generated $285.1 million in revenue last month, marking a 98.2% month-over-month increase — the highest in 25 months. 

Notably, transaction fees on Ethereum increased drastically and made up 40.5% of Ethereum miners’ total revenue, compared to 10% in May. 

In June, bitcoin miners generated $281.6 million in revenue. The block reward halving in May cut the per block subsidy from 12.5 BTC to 6.25 BTC, resulting in a 15-month low for revenue.