August’s Bitcoin miners earned close to woofing $370 million

Bitcoin miners made nearly $370 million in revenue during August alone.

The overall revenue generated by Bitcoin miners in August surpassed that of Ether miners. Although the Bitcoin transaction fee constituted a relatively large percentage of the revenue in August, it was no match to that of Ethereum.

Bitcoin miners revenue in August

About $368.3 million was generated by Bitcoin miners as revenue last month. Reportedly, this accounts for a 23.19 percent increase on a month-over-month chart, as the miners made $300 million in revenue in July. This also represents the highest revenue to be made by the crypto miners since June – in terms of the transaction fees and block rewards. 

Notably, Bitcoin underwent its third halving in May, which slashed the network’s block reward by 50 percent. Before the halving, the mining reward per block was 12.5 BTC, however, it dropped to 6.25 BTC after the event. Consequently, their revenue for the month reduced to $281.6 million, which represents a 15-month low. 

In August, Bitcoin transaction fees covered a relatively large percentage of the miners’ revenue, precisely at 10.7 percent (i.e., $39 million). This is the biggest fee-generated revenue to be seen for the past 18 months. As of July, transaction fees accounted for about 8.5 percent of Bitcoin miners’ revenue at the time. Meanwhile, the network’s average daily fees have been above $2 throughout the last month.

BTC vs ETH

Ethereum network may have gained increased activity amid the booming DeFi sector, however, the miners’ revenue last month was low in terms of the figure involved. Ether miners made $285.1 million in revenue during August, which is the biggest revenue generated by the miners for 25 months. The transaction fee constituted about 40.5 percent of the whole revenue.

On a regular note, one might easily say that Ether miners earned better than Bitcoin miners. However, Bitcoin dominated in terms of figure, which owes to the cryptocurrency’s price.