Bitcoin mining revenues rose by 10% in August

Quick Take

  • Bitcoin miners brought in about $657 million in revenue in August, up 10% from the previous month.
  • Most revenues came from the block reward subsidy ($629.45 million) and only a small portion from transaction fees ($8.98 million).

Bitcoin mining revenues jumped 10% in August — the first month-over-month increase since March.

Last month, miners brought in about $657 million in revenue, according to data compiled by The Block Research.

Bitcoin mining difficulty jumped 9.26% in the most recent update posted on Wednesday, while in the same time period hash rate rose by more than 13%.

The growth in hash rate is due to "a combination of heat waves finally subsiding (on a global level) and facilities slowly coming online," said Kevin Zhang, senior vice president of mining strategy at Foundry, which runs the Foundry USA mining pool. "There's also the added kicker of the higher efficiency Bitmain S19 XP's finally hitting the market as well!"

Most bitcoin mining revenues came from the block reward subsidy ($647.72 million) and only a small portion from transaction fees ($9.24 million). The share of bitcoin transaction fees over total revenue fell to about 1.4%.

Ethereum miners made $725 million, or 1.1 times more in revenue than bitcoin miners did in August.


© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Catarina is a reporter for The Block based in New York City. Before joining the team, she covered local news at Patch.com and at the New York Daily News. She started her career in Lisbon, Portugal, where she worked for publications such as Público and Sábado. She graduated from NYU with a MA in Journalism. Feel free to email any comments or tips to [email protected] or to reach out on Twitter (@catarinalsm).