Data: Bitcoin miners made $353 million in profits in October, returning to pre-halving levels

Key points:

• In October, Bitcoin miners earned $353 million in profits from transaction fees and block rewards.

• They may see higher revenues this month as the price of Bitcoin continues to rise.

• Miners’ daily profits have recovered to half of what they were since May.

In October, the total revenue of Bitcoin (BTC) miners around the world, including transaction fees and block rewards, reached $353 million, according to a report published by Comprar Acciones.

According to the report, October was one of the best months for Bitcoin miners in the past three years. During this period, transaction fees amounted to approximately $42.9 million, accounting for more than 12% of miners’ monthly profits. Including block rewards, revenue was $353 million, up 8% from September.

The report highlights several factors that helped increase miners’ profits. Not surprisingly, one of them was BTC’s rapid price rise in October, as the cryptocurrency gained nearly 30% month-over-month. On October 1, Bitcoin was trading at around $10,800 per coin, while its price surged to $13,800 on October 31.

In comparison, JP Morgan Chase stock rose 8% in October, while gold and the S&P 500 rose 1.44% and 5.31%, respectively.

Bitcoin’s uptrend has also continued into November. At press time, BTC’s price is hovering around $17,200, according to CoinMarketCap, meaning miners could see even bigger revenues this month.

Total revenue of Bitcoin miners over the past three months. Image: Glassnode

Bitcoin miners’ daily profits also reached just over 1,126 BTC (about $21.7 million today), according to Glassnode data, back to their lowest level since May, when the block reward was raised from 12.5 BTC to 6.25 BTC. At that time, miners’ revenues fell to $7 million per day.

As Decrypt reported, Bitcoin and the entire crypto market have been on fire recently. The price of BTC recently surpassed $19,000 and is close to breaking the coin’s all-time high.