After a revenue drop to a yearly low in September, bitcoin miners had a profitable October, recording a 25.05% revenue increase.
The return of Bitcoin mining in October
On October 31, one petahash per second (PH/s) of computing power was valued at $54.52 per PH/s, the highest hashrate price in 30 days. However, as of today, the spot market hashrate is around $46.55 per PH/s after bitcoin dropped below $70,000 to the $69,400 range. Data also shows that on October 17, the hashrate also surpassed the $53 mark.
Overall, bitcoin miners earned 25.05% more in October compared to September. That month, miners generated $815.7 million from the combined fees and subsidies of bitcoin. October saw revenue soar to $1.02 billion, with $975.22 million from block rewards and $47.39 million from on-chain fees.
The jump from $13.86 million in on-chain fees in September to $47.39 million in October marks a growth of 241.91%. At the same time, the total computing power of bitcoin is at an all-time high. Statistics from November 1, 2024, show that the simple moving average (SMA) seven-day hashrate of Bitcoin stands at a massive 765 exahash per second (EH/s).
The current block time is moving faster than the usual 10 minutes, at 9 minutes and 18 seconds. This faster speed indicates a potential increase of 7.5% in difficulty, with an update expected around November 4, 2024, as there are still over 340 blocks to be mined before the next adjustment.
As October closes with bitcoin miners witnessing a strong increase in revenue and hashrate, the mining industry now faces both challenges and potential opportunities. With computing power at unprecedented levels and a faster block time, an increase in difficulty seems imminent—setting the stage for a new phase in the network's development at the beginning of November.
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