Since May 2020, the Bitcoin mining charts show difficulty increase, which tends to challenge the most experienced miners. September was the month of permanent testing due to a revenue decrease down to 8% when comparing to the 25% previous two months. Only $328 million were generated, in revenue, by the Bitcoin miners, but still, it’s 11% down compared to August according to the data analyzed by CoinDesk.
Monthly aggregate bitcoin mining revenue since Jan. 2016. Source: Coin Metrics, CoinDesk Research
Each time a miners’ computers solve a mathematical equation; a block gets mined with a 12.5 BTC reward. Since May 11, the Bitcoin reward is 12.5 BTC. Now, for every crypto miner, there is two option: to sell or not to sell. September was not promising with the permanent price ups and downs. It seems like this month, the revenue for Bitcoin suggests that miners are selling their BTC rewards.
After the Bitcoin Halving, there is a hold of the rewards due to the crypto-market instability. The fees for cryptocurrency transactions increased drastically due to the instant boom on the BTC price up to $12,000. When the Ethereum price grew above $400, instantly, the network fees bumped, which brought in $26 million in September, with just over 8% of total revenue.
Particularly, fees as a percentage of total revenue continue a strong upward trend since April after the block subsidy halving in May. The increases in fee revenue are the pillar of the network’s security as the block reward decreases every four years.
Miners revenue for the last three months. Source: Blockchain charts
After the Bitcoin average transaction fee remains between $1 and $5 through September, traders started to take risks and rotate their funds from altcoins and stablecoins into BTC. This way, the crypto miners can have hopes for a higher BTC price and subsequent revenue growth through October. With all the avalanche of the transactions and the last Halving event, the mining difficulty would increase, as you can see in the chart below.
Network difficulty for the block in the blockchain for the last six months. Source: Blockchain charts
With all the avalanche of the transactions and the last Halving event, the mining difficulty would increase, as you can see in the chart above.