Bitcoin miners generated $1.4bn in revenue last month

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Bitcoin miners saw higher profits last month as the price of the major cryptocurrency rebounded from summer lows. Bitcoin miners recorded impressive earnings in August as the major cryptocurrency’s price performed better during this period. According to data captured by The Block, bitcoin miners recorded a revenue of 1,35 billion dollars in August, surpassing the amount they generated the previous month. In July, Bitcoin miners generated 971,83 million, with the price of the main cryptocurrency then in trouble . Bitcoin fell slightly below 30 000 $ in July, losing more than 37 % of its value compared to its all-time high of more than 057 09 $ reached in April. The 1,41 billion dollars generated by mining BTC in August represents an increase of 45 % compared to July. However, it remains below the highest monthly mining revenue, which currently stands at $1.75 billion (as of March 2021). According to research, most of the revenue comes from the bounties that miners earn when they successfully mine a block. After the last halving event in 2020, miners are paid 6,25 BTC for every block they manage to create. The transaction fees generated by Bitcoin miners have decreased over the past few months. The report shows that shared transaction fees fell from 3.1% of total mining revenue in July to 1,35 % in August. This drop could be due to the fact that more and more people keep their Bitcoin in wallets instead of trading it against other cryptocurrencies on exchanges like Paybis. The cryptocurrency market experienced a bearish correction over the summer, with prices falling from their all-time highs in May into June and July. Bitcoin, Ether, Cardano, XRP, Dogecoin and other major cryptocurrencies all saw huge price declines during this period. However, August saw been better for the general market. The total capitalization of the cryptocurrency market has again exceeded the mark of 2 09 billions of dollars, while Bitcoin touched the 50 000$ repeatedly. Ether is trading above $3 410 per coins while ADA has risen to the third largest cryptocurrency by market capitalization after hitting a new all-time high a week ago. The post Bitcoin miners generated $1.4bn in revenue last month appeared first on Buy Bitcoin.

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