Bitcoin mining revenues jumped 10% in August — the primary month-over-month improve since March.
Final month, miners introduced in about $657 million in income, in response to knowledge compiled by The Block Analysis.
Bitcoin mining issue jumped 9.26% in the latest replace posted on Wednesday, whereas in the identical time interval hash charge rose by greater than 13%.
The expansion in hash charge is because of “a mix of warmth waves lastly subsiding (on a world stage) and amenities slowly coming on-line,” stated Kevin Zhang, senior vice chairman of mining technique at Foundry, which runs the Foundry USA mining pool. “There’s additionally the added kicker of the upper effectivity Bitmain S19 XP’s lastly hitting the market as properly!”
Most bitcoin mining revenues got here from the block reward subsidy ($647.72 million) and solely a small portion from transaction charges ($9.24 million). The share of bitcoin transaction charges over complete income fell to about 1.4%.
Ethereum miners made $725 million, or 1.1 instances extra in income than bitcoin miners did in August.