Bitcoin mining revenues fell 20% in November

Business•December 1, 2022, 6:59PM EST
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Bitcoin mining revenues fell 20% in November

Quick Take

  • Bitcoin miners brought in about $472.64 million in revenue in November, down 19.9% from the previous month.
  • For a good portion of the month, bitcoin’s price was beneath $17,000, whereas in October it was trading between $19,000 and $20,000.
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Bitcoin mining revenues fell 19.9% in November to about $472.64 million, according to data compiled by The Block Research.

The cryptocurrency's price, which had been hanging around the $19,000 mark last month, slumped below $17,000 in the aftermath of FTX's collapse.

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Most bitcoin mining revenues came from the block reward subsidy ($460.32 million) and only a small portion from transaction fees ($12.32 million). The share of bitcoin transaction fees over total revenue increased slightly to around 3%.

Bitcoin miners generated about 5.3 times the revenues of Ethereum stakers.