Bitcoin Mining Revenue Surges in October, Achieving Second-Highest Monthly Earnings of 2023

October witnessed a significant uptick in bitcoin mining revenue,

with earnings soaring by $131.45 million compared to September’s figures. The surge in BTC prices throughout last month substantially contributed to the bolstering of revenues, although there was a slight dip in fee earnings, resulting in a $5.44 million decrease from the previous month. Despite this, October emerged as the runner-up for the year in terms of monthly revenue generated from BTC block rewards.

October Highlights Near-Record Earnings for Bitcoin Miners As of the latest data, a total of 43 distinct mining pools are actively contributing SHA256 hashpower to the Bitcoin blockchain, collectively generating an impressive 463 exahash per second (EH/s).

Foundry USA led the charge in the past month, securing 28% of block rewards, closely followed by Antpool, which claimed 27% of the subsidies for October. F2pool and Viabtc each accounted for approximately 11%, while Binance Pool rounded out the group with 7.23% of the month’s total block finds.

October also witnessed three successive network difficulty increases, culminating in a record-setting 62.46 trillion difficulty level. This figure represents the most formidable challenge bitcoin miners have encountered in the network’s history. Despite the heightened difficulty, October proved to be lucrative for miners, with revenue surging by $131.45 million compared to September, surpassing the previous month’s total earnings of $753.6 million.

Although fees in October exceeded August’s total of $17.2 million, they fell short of September’s heights, experiencing a $5.44 million decrease. This dip in fee collection may be attributed to a decrease in Ordinal inscriptions, although recent activity suggests a potential uptick in this area.

Termed affectionately as ‘Uptober’ within the crypto community, October delivered the second-highest monthly revenue for miners in 2023, trailing only behind May’s impressive $919.22 million haul.

What are your thoughts on the improved bitcoin miner revenue in October? Share your opinions in the comments section below.

[Tags: Bitcoin, mining, cryptocurrency, revenue, blockchain, BTC, SHA256, mining pools]


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