Bitcoin’s mining revenues reported significant growth during the month of August. The increase in profits for the miners was 23% according to data collected from Coin Metrics.
The increase in Bitcoin mining profits is measured by the increase in transaction fees. The total income they generated is estimated at about $368 million.
It is important to note that this is the third consecutive increase in monthly revenue. Last July, people in the Bitcoin mining business earned about $300 million.
Bitcoin Mining Reports Rising Revenue for Third Straight Month
As noted above, the increase in Bitcoin mining revenues increased significantly during August. As for the increase in network fees, these were US$ 39 million.
The increase in income only in the area of commissions, consists of approximately 10.7% of the total received by the miners. Another interesting fact is that according to CoinDesk, the income received by the miners would be spent immediately.
The latter means that the miners are selling most of the income on the exchanges. In this sense, this action may result in a drop in the price of the pioneer cryptomoney. At the time of writing, the price of this is approximately $ 11,300.
Returning to the issue of commission income, people dedicated to the Bitcoin mining business would be receiving the highest rates reported in the last 18 months.
Bitcoin mining consumption increased to 7.46 GW
Daily rates continue to rise
Looking at the data of Coin Metrics from the point of view of daily income, it should be noted that they continue with the growing trend of the month of July. Thus, the average rates were $2 during the whole month of August.
On the other hand, it should be remembered that the July increases were a response to the stimulus of the mining companies listed on the stock exchange. In this sense, several of these companies are listed with higher margins than Bitcoin, explains CoinDesk.
One should not lose sight of the fact that the manufacturers of Bitcoin System mining equipment are also reporting improvements in the market. For example, Canaan Creatives, assures that, during the last months, their sales have improved by 160%.
On the other hand, Bitmain, with all its internal problems, continues shipping equipment all over the world. A reflection of this is the multi-million dollar purchases made by firms such as Marathon and Riot Blockchain.
Ethereum mining rewards reach historic high
Recently, CryptoTrend reported an increase in energy consumption in Bitcoin mining. It would have exceeded the 7 Gigawatt barrier.
At the same time, it’s estimated that within one year, the total hash rate of Bitcoin could double. As a consequence, the consumption could be around 10 GW.
All of this continued increase in mining activity, as well as a rising trend in the price of the main crypt currency, is allowing Bitcoin mining revenues to remain high.