According to the on-chain analysis data of Coin Metrics, the revenue of Bitcoin miners in November is estimated to be 522 million U.S. dollars, an increase of 48% from October.
As Bitcoin soared to November, income increased sharply. After obtaining more than 40% of the income, the income of miners hit a record high at the end of the month. Total monthly income in November reached the highest level since September 2019.
The revenue estimation assumes that miners immediately sell the bitcoin they dig.
According to the aggregated mining data, as measured by the terahertz (TH) income of Bitcoin mining machines, the income of miners reached the highest level in 11 months, the highest level since the beginning of May. Six-month high.
Despite the large fluctuations during the year, the Bitcoin mining revenue measured by TH/s has remained basically flat this year, from approximately US$0.138 on January 1 to US$0.135 for the last time.
Bitcoin network fees brought in $54.9 million in revenue in November, accounting for nearly 11% of total revenue, which was a slight decrease from the 12.2% of revenue in October.
According to Coin Metrics data, as of November, the Bitcoin network fee has steadily declined, from an approximately two-year high at the end of October, from an average transaction fee of $13 at the beginning of November to less than $3 at the end of the month.
It is worth noting that since May, before the third block reward halving in the history of the network, fees as a percentage of total revenue have been on a strong upward trend since April. As the block reward decreases every four years, the increase in fee income is important to maintain the security of the network.
Taking advantage of the increase in income, miners have brought more and more machines online after the record difficulty in the beginning of November dropped. The past two adjustments have led to an increase in difficulty. It is expected to increase for the third consecutive time in mid-December. The resources used for mining have increased than before.
Analysts predict that with the huge possibility of continued price increases, Bitcoin’s current rebound is sustainable, and miners have been paying attention to continued revenue growth until the end of 2020.
