Bitcoin mining profitability is around 23% up in revenue within this month in August, driven by higher network fees from increased on-chain transaction volume as Bitcoin [BTC] avoided a daily close below $11k within the whole month.
Bitcoin miners generated an estimated $368 Mln in revenue within this month, up from $300 Mln in July, and therefore the third consecutive monthly hike in miner revenue, Consistent with Coin Metrics.
Revenue estimates assume miners sell their bitcoins immediately.
Network fees brought in $39 Mln in August, or 10.7% of total revenue, setting the very best percentage of fee-generated revenue in over 18 months.
Correspondingly, avg daily fees continued July’s upward trend, staying above $2 USD for the whole month of August, consistent with Coin Metrics data.
July’s revenue increase coincided with rallies of the shares of publicly-traded mining firms, several of which still outperform bitcoin.
Additionally, Riot Blockchain, Marathon Patent Group have reported significant revenue hike & mining capacity growth over the past quarter. Even troubled Hangzhou, China-based Canaan Creative reported a 160% revenue increase over the period of June.