TL; DR failure:
- Last month, bitcoin miners earned more than $ 1.4 billion, most of it from block subsidies.
- Chain data show that miners are collecting bitcoins again.
Block Crypto Data shows that bitcoin miners earned about $ 1.4 billion during August. This income includes block bonuses (6.25 BTC) paid to miners and transaction costs. Given the Glassnode chain data, it is interesting to note that miners have more BTC than they cost.
Subsidies for bitcoin miners reached $ 1.3 billion
Bitcoin miners made the most of the block rewards. A total of $ 1.39 billion in bitcoins were donated to miners last month, according to the data. They earned only $ 18.72 million from the transaction fee. August revenue increased by 45% compared to the previous month.
In July, bitcoin miners earned only $ 944.24 million from block subsidies and $ 27.59 million from transaction costs – a total of $ 971.83 million. The reduction in block subsidies could be related to the ban on bitcoin mining in China, which had a significant impact on the overall hash power of the BTC network.
Miners are still HODLing bitcoins
Following the incident in China, the bitcoin hash broke the record because the country had the most bitcoin mining hashtags. The development also had a negative effect on the miners’ net position, as they had to sell more bitcoins to migrate to other jurisdictions.
Bitcoin hash is coming back As of September 1, the network had about 127.25 million chips per second (TH / s), which is much better than the 84.73 million TH / s recorded on July 3.
The sale of the “China ban” to bitcoin miners took about a month. Since then, the net position shift has been positive. This means that miners are collecting more bitcoins than selling them. This is positive for the price of bitcoin, as there are fewer deposits for miner exchanges.