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Bitcoin miners made $1.4 billion in August revenue, still HODLing

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TL;DR Breakdown:

  • Bitcoin miners generated over $1.4 billion in revenue last month, mostly from block subsidies.
  • On-chain data shows miners are accumulating Bitcoin again.

The Block Crypto Data has revealed that Bitcoin miners generated about $1.4 billion in revenue throughout August. The revenue consists of block rewards (6.25 BTC) paid to miners and transaction fees. Interestingly, miners are holding more BTCs than they are spending, according to on-chain data from Glassnode.

Bitcoin miners gained $1.3B in subsidy

Bitcoin miners gained the most from block rewards. According to the data, a total of $1.39 billion worth of Bitcoin were awarded to miners for block creation throughout last month. They only made $18.72 million from transaction fees. The revenue in August accounts for a 45 percent increase from the previous month.

In July, Bitcoin miners only generated $944.24 million from block subsidy and $27.59 million from transaction fees – a total of $971.83 million. The decline in block subsidy can be related to the Bitcoin mining ban in China, which significantly affected the overall hash power on the BTC network.

Miners are still HODLing Bitcoin

Following the incident in China, the Bitcoin hashrate declined to record levels because the country housed the most Bitcoin mining hashrate. The development also affected Miners’ Net Position Change negatively, as they had to sell more Bitcoin to migrate to other jurisdictions.

Bitcoin hashrate is back up. As of September 1, the network had about 127.25 million terahashes per second (TH/s), which is far better than the 84.73 million TH/s recorded on July 3.

Bitcoin miners made $1.4 billion in August revenue, still HODLing 1

The “China Ban” sell-offs with Bitcoin miners lasted for about one month. Since then, the Net Position Change has remained positive. This means that miners are now accumulating more Bitcoins than they are selling. This is positive for Bitcoin price, as there will be fewer deposits to exchanges from miners. 

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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