Last month, Bitcoin miners earned $42.9 million from transaction fees. Compared with September, this figure increased by 63%. Data from Coin Metrics.
Total revenue of Bitcoin miners for October was $352.7 million — up 8% from September.
Ethereum miners fared the opposite: after September’s $171.7 million, in the following month they earned $59.6 million — 66% less. Total revenue stood at $214.3 million, down 33% from the previous figure.
One of the main reasons affecting revenues was a change in the average transaction fee. By October 30, this value in the Bitcoin network exceeded $13 for the first time since January 2018.
The average Ethereum transaction fee fell by more than half. This trend in miners’ revenue structure has been evident since mid-September. On November 1, the average ETH transaction fee reached $1.04.
On-chain activity in the Bitcoin ecosystem rose in line with the volume of value transmitted over the blockchain from September’s $77.7 billion to $94 billion in October. The opposite trend was observed in the Ethereum network — from $70 billion to $43 billion.
The October on-chain activity metric was the highest since July 2019 ($93.45 billion). This affected the congestion of the blockchains of popular cryptocurrencies and the dynamics of transaction fees.
Volume of value transferred through the Bitcoin blockchain. Data: The Block, Coin Metrics.
As noted on Oct. 25, the average size of a Bitcoin transaction fee rose to its highest level in more than two years — $10.24. The trend continued, and on Oct. 30 the figure reached $13.14.
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