Bitcoin miners generated a calculable $522 Mln in revenue earlier in Nov., up 48% from Oct., consistent with on-chain data from Coin Metrics analyzed.
The sharp revenue increase came as bitcoin soared through Nov., setting a brand new uncomparable high by month’s end after gaining over 40%. Monthly combination revenue in Nov. hit the very best level since Sept. 2019.
Revenue estimates assume miners sell their Bitcoin [BTC] like a shot. Measured by revenue per terahash [TH], the unit measuring for the speed of cryptocurrency mining hardware, miner revenue hit 6-month highs as it climbed on top of $0.15x multiple times in Nov., the very best level since early May, consistent with the data provided by mining firm Luxor Technologies.
Despite vital intra-year volatility, mining revenue measured by terahash per second [TH/s] is roughly flat year up to now from roughly $0.138 per TH/s on 1st January to $0.135 per TH/s at the recent check.
Network fees brought in $54.9 Mln earlier in Nov, or nearly 11% total revenue, a small proportion decreases from the 12.2% of revenue portrayed by fees earlier in Oct.
Fees steadily declined through Nov.., returning down from the roughly 2 years highs in late Oct, dropping from a $13 USD avg transaction fee at the beginning of Nov. to below $3 USD close to month’s end, as per Coin Metrics.
Additionally, fees as a proportion of total revenue continue a powerful upward trend since Aril, before the network’s third-ever block grant halving in May. Hikes in fee revenue are vital to sustaining the network’s security as the subsidy decreases every 4-years.
Taking advantage of the revenue increase, miners are importing a lot more machines online after early November’s record difficulty drop, with the past 2 changes leading to difficulty hikes and a 3rd consecutive increase projected for this mid-month in December, that means a rise in resources required to mine than at a lower difficulty level.
As analysts predict bitcoin’s present rally is sustainable with the sturdy chance of continuing upward value movement, miners eye continuing revenue growth via the end of this year in 2020.