Mining Boom: Bitcoin Miners Rake in Highest Revenue Since April

Bitcoin miners had plenty to smile about in November, as their revenue received a significant boost thanks to a price climb, hitting levels not seen since April.

Bitcoin Miners Celebrate $1.21B November Payout as Hashrate Soars

Bitcoin miners saw brighter days in November, enjoying a substantial boost in earnings compared to October, thanks to a significant rise in the hashprice—the estimated value of 1 petahash per second (PH/s) of hashpower. Starting the month at $46.71 per PH/s, as reported by hashrateindex.com, the hashprice climbed to $60.69 per PH/s by the month’s end. Notably, it even brushed close to $64 per PH/s during the month.

From Nov. 1 to now, the hashprice has leapt 29.92%. Data from theblock.co reveals that miners raked in $1.21 billion in November, the highest revenue since April’s $1.79 billion. Of the $1.21 billion pocketed by bitcoin miners in Nov., $38.73 million came from transaction fees—a dip compared to Oct.’s $47.39 million in onchain fees.

For much of November, the average onchain fee hovered above $0.90 per transaction all month long, peaking at $6.56 on Nov. 10. Meanwhile, Bitcoin’s network hashrate hit a record-breaking 790 exahash per second (EH/s) on Nov. 21 before easing slightly to the current 741 EH/s. This decline has slowed block times, with the current average sitting at 9 minutes and 48 seconds.

The quicker block intervals mean miners can expect a bump in difficulty during the next retarget on Dec. 2. Current projections suggest a 2% increase, making it tougher to unearth new blocks over the next 2,016 blocks following the upcoming epoch. November’s rise in bitcoin mining revenue showcases the industry’s ability to thrive and adjust in response to evolving market trends.