Bitcoin Miners Rake in $353 Million in October 2020 Revenue – InvestorIdeas.com


November 25, 2020 (Investorideas.com Newswire) Bitcoin network fees reached $42.9 million in October 2020. That was 12% of the miners’ total revenue in that month, the highest percentage since January 2018. Total revenue reached $353 million, up 8% from September.

According to the research data analyzed and gathered by Comprar Acciones, the increase in miners’ fees and revenue coincided with an upsurge in BTC price. Based on Coinmarketcap data, Bitcoin’s price went from $10,800 to over $13,800 in October 2020 alone. As of November 25, the top crypto is trading at around $19,300.

Bitcoin’s Price Surges 42% in October 2020

In October 2020 alone, BTC price soared by almost 30% month-over-month. Overall, it has had a strong 2020 following the mid-March slump.

On March 12, 2020, it shed nearly 50% in tandem with the rest of the market. However, it recovered soon thereafter, going from $6,427 in Q1 to $9150 in Q2 and $10,794 in Q3 according to Statista.

In the first month of Q4, it shot up by 42%, compared to 1.44% for gold, 0.00% for the dollar and 5.31% for the SPX. On November 5, 2020, it grew by 108.4% year-to-date (YTD). Comparatively, gold had gained 25.15%, the US dollar got 1.58% and the SPX was up by 6.58% in the same duration.

Moreover, according to a study by Grayscale, 55% of US investors said they were interested in Bitcoin investments in 2020, up from 36% in 2019.

The October Bitcoin miners’ fees also had to do with mempool congestion resulting from a drop in network hashrate (BNHR). According to YCharts, BNHR went from 141.83 million on October 1 to an ATH of 147.01 million on October 18. From there, it took a nosedive to 107.64 million on October 31. Glassnode reported that Bitcoin mining revenue rose to a new yearly high of $21 million per day as of November 19, 2020.

READ  Regulating Cryptocurrency and Initial Coin Offerings: The Nigerian Perspective - Part 2 - Proshare Nigeria Limited

The full story, statistics and information can be found here: https://compraracciones.com/2020/11/25/bitcoin-miners-rake-in-353-million-in-october-2020-revenue/

More Info:


Investorideas.com Newswire

This news is published on the Investorideas.com Newswire – a global digital news source for investors and business leaders

Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.

More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com

Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp

Follow Us on StockTwits

News and Research for Bitcoin, Blockchain, Digital Currency Stocks and ICO's

Buy a crypto guest post on Investorideas.com



READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here