Bitcoin miners’ revenues hit a yearly high as November receipts rise 50%

Amid a rally in the price of the leading cryptocurrency, November revenues of Bitcoin miners hit a yearly high.

In the past month, Bitcoin miners earned a record $529.1 million in 2020 (per Coin Metrics). Compared with October, total revenue for these market participants rose by 50%.

Since October, Bitcoin miners’ revenues have exceeded Ethereum miners’ inflows.

Bitcoin and Ethereum miners’ revenues in November. Data: Glassnode.

In November, Ethereum miners earned $229.3 million. This is lower than September and August during the anomalous surge in fees driven by DeFi market activity.

As shown in the diagram, there has been a notable decline in Ethereum miner revenues from transaction fees over the last two months, largely linked to a fall in the average fee cost.

The dynamics of the average fee per BTC- and ETH-transaction. Data: Blockchair.

As of early December, the share of fees in the revenues of Bitcoin and Ethereum miners was roughly on par.

In the past month, the average Ethereum transaction fee rose slightly, reflecting market activity and on-chain activity. Bitcoin’s corresponding metric fell through much of November, but then rebounded as price highs in BTC/USD were reached again.

Earlier ForkLog reported on the rise of mining giants’ shares as Bitcoin price approached the $20,000 mark.

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