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Bitcoin (BTC) miners posted a massive increase in revenues in November. A recent report revealed that the mining sector’s revenues rose by almost fifty percent compared to the figures reported for October.
Bitcoin miners generated an estimated $522 million in revenue in November based on estimates made by Coin Metrics, Coindesk reported. The monthly aggregate revenue last month also established a record as the highest level since September 2019.
This means that BTC miners increased their revenues by $169 million in November, which is a 48 percent increase compared to the previous month. Miners generated only $353 million in revenues in October.
Bitcoin mining revenues bounced back and has recovered after it plunged in June when miners only generated $281 million, a 23 percent decrease from May’s revenues. The dip was caused by the halving event when the mining reward was reduced to 6.25 BTC from 12.5 BTC.
The rise in revenues last month coincided with Bitcoin’s price hike as the crypto gained over 40 percent through November. According to the report, the revenue estimates are based on the premise that miners will immediately sell their BTCs.
Nearly eleven percent of Bitcoin mining revenues in November or $54.9 million came from network fees. However, this percentage is slightly lower than October’s where 12.2 percent of the total revenue comes from fees, the highest percentage since January 2018.
The average transaction fee spiked in the second half of October and even reached $13.45 as the network experienced its most severe congestion in almost three years. This was due to a drop in hashrate as Bitcoin miners took machines offline. For instance, crypto miners in Sichuan, China took their machines offline as they relocated to other areas with cheaper power rates.
However, the average transaction fee has been declining through November. Network fees, which averaged around $13 at the start of the month, dropped to below $3 per transaction at the end of November.
