Bitcoin miners’ revenue up 7% in October

In October, aggregate revenue of Bitcoin miners totaled $589.7 million. The figure rose by 7% from the previous month, according to the report ForkLog.

However receipts from transaction fees declined, from $9 million to $7 million. Their share of the total for the month fell from 1.63% to 1.28%.

The rise in revenues was accompanied by a moderate increase in hashrate (+3.45%), potentially aided by the commissioning of next-generation miners.

The share of public miners in Bitcoin’s hashrate reached 25%.

Following the latest difficulty retarget, the mining difficulty of the first cryptocurrency rose by 3.44%, to a new high of 36.84 T. Since the start of the year, the hashrate-linked indicator has risen by 52%.

Against a falling market, this hit the earnings of many miners, including large players such as Compute North.

Hashprice is at record lows—about $0.07 per TH/s. Further declines in the face of rising difficulty and stagnant price could spell miner capitulation. The latter typically precedes consolidation and a trend reversal.

Foundry USA further strengthened its lead among the largest Bitcoin mining pools in October — its share of total hashrate reached 25.9%.

AntPool also significantly increased its market position over the month—from 17.8% to 19.2%. F2Pool and Binance Pool were little changed. The share of Poolin, which has faced difficulties, fell from 5.3% to 2.4%.

In October, the average Bitcoin transaction fee mostly did not exceed $1. Only in the second half of the month did the metric rise, reaching $1.59. This is linked to a revival of on-chain activity as Bitcoin’s price rose above $20,000.

The average Ethereum transaction fee at the start of the month reached $4.67, in line with August levels. It then declined. Relatively low fees on the Ethereum network indicate still subdued DeFi activity and a downturn in the NFT sector.

In October, Marathon Digital Holdings mined a record 615 BTC, increasing hashrate by about 84% . Its competitor CleanSpark acquired 3,843 modern devices Antminer S19j Pro from Bitmain for $5.9 million.

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