Pi Capital
Date of publication: 15 September 2020
Revenues of Bitcoin miners in August rose by a quarter to $ 368 million
The revenues of Bitcoin miners in August reached $ 368.3 million, according to data from The Block. The increase in comparison with the previous month was 23.19%.

Taking into account block rewards and commissions, Bitcoin miners’ earnings in August were the highest in three months and since halving. The share of commissions in income rose from 8.5% in July to 10.7% in August.

At the same time, the income of Ethereum miners for the month increased by 98.2% to $ 285.1 million, which was the highest value in 25 months. Of this number, 40.5% fell on commissions, while in May their share was 10%.

Also, Glassnode data indicates that almost 10% of all Bitcoin miner fees currently come from deposits to centralized exchanges. The value has not risen to this level since January 2018. At the beginning of 2020, exchange-traded deposits accounted for only about 4% of miners’ commission income.

At the same time, there is a resumption of growth in fees on the Ethereum network. The value has held above $ 2 for longer than a month, and hit an all-time high of around $ 15 on September 2, before falling to $ 2.67 on September 9. From September 8 to 10, the increase was 70% to $ 4.55.

According to BitInfoCharts, for a long time above $ 2 commissions on the Ethereum network were held only twice before. The first such case was recorded from 5 to 15 January 2018, the second from 1 to 7 July of the same year.

Alexey Shternshis
Pi Capital Union

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