Bitcoin Mining Revenue Surged 10% In August

The first monthly gain since March, bitcoin mining revenue increased 10% in August. Bitcoin Mining Revenue Soars Approximately $657 million was earned by miners last month, according to statistics gathered by The Block Research. In the most recent update published on Wednesday, the difficulty of mining bitcoin increased by 9.26% while the hash rate increased by more than 13%. According to Kevin Zhang, senior vice president of mining strategy at Foundry, which manages the Foundry USA mining pool, the increase in hash rate is caused by “a combination of heat waves finally subsiding (on a global level) and facilities slowly coming online,” “There’s also the added kicker of the higher efficiency Bitmain S19 XP’s finally hitting the market as well!” Source: The Block Crypto Data. Only a minor fraction of the pioneer crypto mining profits ($9.24 million) came from transaction fees, with the majority ($647.72 million) coming from the block reward subsidies. Transaction costs for bitcoin decreased to 1.4% of overall revenue. Ethereum miners generated $725 million in income in August, which is 1.1 times more than bitcoin miners. Related Reading: Tug Of War Between Bulls And Bears, Will Bitcoin Price Retest $19,000? Mining Difficulty Surges The difficulty of mining bitcoin is rising. According to data from BTC.com, the mining difficulty for the largest cryptocurrency in the world increased by 9.26% du...