Bitcoin Miners Saw 11% Revenue Drop in September
Bitcoin miners generated an estimated $328 million in revenue in September, down 11% from August, according to Coin Metrics data analyzed by CoinDesk.
- The moderate decrease in revenue came as bitcoin (BTC) stumbled through September, closing the month down 8% after gaining over 25% through July and August.
- Revenue estimates assume miners sell their BTC immediately.
- Network fees brought in $26 million in September, or just over 8% of total revenue, down 2 percentage points from fees comprising 10% of revenue in August.
- Notably, fees as a percentage of total revenue continues a strong upward trend since April after the block subsidy halving in May.
- Increases in fee revenue are important to sustain the network’s security as the block reward decreases every four years.
- Bitcoin’s average transaction fee bounced between $1 and $5 through September.
- As some cryptocurrency traders are rotating funds from altcoins and stablecoins into BTC, miners can have hopes for a higher BTC price and subsequent revenue growth through October.
