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Bitcoin mining revenues rose by 10% in August

Bitcoin mining revenues rose by 10% in August


Bitcoin mining revenues jumped 10% in August — the primary month-over-month enhance since March.

Final month, miners introduced in about $657 million in income, in accordance with 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 price rose by greater than 13%.

The expansion in hash price is because of “a mix of warmth waves lastly subsiding (on a worldwide stage) and amenities slowly coming on-line,” stated Kevin Zhang, senior vp 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 whole income fell to about 1.4%.

Ethereum miners made $725 million, or 1.1 instances extra in income than bitcoin miners did in August.

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