Bitcoin Miners Rake in $353 Million in October 2020 Revenue

Must Read

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

List of United Bank for Africa (UBA) Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...

Here is a list of all Microfinance Banks’ USSD Codes in Nigeria.

A Microfinance bank is a type of bank that offers small loans, or microloans, to individuals, entrepreneurs and small...
- Advertisement -

October 2020 was one of the best months in almost three years for Bitcoin miners. According to Coin Metrics data, during that month, network fees soared to $42.9 million. It translated to more than 12% of total miners’ revenue for that month. Also, it went on record as the highest percentage miners got since January 2018.

All in all, miners generated a total of $353 million in revenue. Compared to September 2020 revenue, this was an 8% increase.

Bitcoin Miners Rake in $353 Million in October 2020 Revenue

According to the research data analyzed and gathered by Comprar Acciones, during the same period, there was a remarkable upsurge in the price of BTC, as it soared almost 30% month over month. In fact, the top cryptocurrency was trading at around $10,800 on October 1, 2020 but by October 31, the price had shot up to over $13,800. Notably, the king of crypto has kept up the uptrend in November 2020. As of November 25, one BTC unit is trading at over $19,300.

Bitcoin’s Price Surges 42% in October 2020
- Advertisement -

Overall, Bitcoin has had a strong year even as other markets have struggled under the weight of the pandemic. Initially, it went down with the rest of the market, shedding around 50% on March 12, 2020 as panic gripped the global economy.

Bitcoin Price Index from Q1 2012 to Q3 2020

Bitcoin Miners Rake in $353 Million in October 2020 Revenue
Exchange rate in U.S. dollars (Source:

However, it quickly initiated a recovery and has kept up an uptrend through to Q4. According to data from, it was priced at $6,427 in Q1 2020. In Q2 2020, it shot up to $9,150, and further up to $10,794 in Q3 2020.

Since the start of Q4 2020, Bitcoin has recorded impressive performance, shooting up by over 42% in the first month of the quarter alone.

- Advertisement -

Part of the reason for the upsurge was a growing perception of the cryptocurrency as an alternative store of value.

As a result of the price increase, it has in fact outperformed a good number of top financial stocks. For instance, JP Morgan Chase stock rose by 8% in the first month of Q4 2020. Within the same period, gold rose by 1.44% and the SPX by 5.31%.

Bitcoin YTD vs. Macro Assets YTD (Growth Percentage)

Bitcoin Miners Rake in $353 Million in October 2020 Revenue

Similarly, looking at its year-to-date (YTD) performance at the start of November, BTC is miles ahead of other popular assets. It had gained 108.4% YTD as of November 5, 2020, compared to 25.15% for gold, 6.58% for the SPX and 1.58% for the US dollar.

Read Also:  Paxful expands Beyond Bitcoin, adds Tether (USDT) to its platform
- Advertisement -

As a result, 55% of US investors said they were interested in investing in Bitcoin this year, according to Grayscale. Comparatively, in 2019, the percentage of US investors interested in the digital asset was 36%.

BTC Miners Daily Revenue Shoots to $21.6 Million

Another reason behind the massive increase in miners’ fees in October was the mempool congestion, one of the most severe in three years. This was as a result of a drop in network hashrate because of a high number of miners taking their machines offline.

Hashrate refers to the amount of processing power that is directed at the network. Just like BTC price, Bitcoin Network Hashrate (BNHR) has been fluctuating significantly in 2020.

Bitcoin Miners Rake in $353 Million in October 2020 Revenue

According to data from YCharts, BNHR was 141.83 million on October 1, 2020. From this level, it rose gradually to an all-time high of 147.01M by October 18.

Following that uptrend, it took a nosedive down to a low of 107.64 million on October 31, sinking further down to 106.65 million on November 3. Between November 8 and November 11, it shot up by nearly 50% to 128.16 million.

Read Also:  As jobs crisis deepens, ILO warns of uncertain and incomplete labour market recovery

For some perspective, the BNHR was 108.77 million on January 10, 2020, rising to a peak of 123.29 million on March 8. Since that time, it has hit a number of peaks, including 125.99 million on July 8, 127.33 million on August 18 and 143.14 million on September 19. As of November 22, 2020, it was at 137.85 million, signifying a 51.79% increase YoY.

According to a report by Glassnode, the upsurge in Bitcoin mining revenue is ongoing. As of November 19, 2020, it hit a new yearly high of over $21 million per day. The figure includes both transaction fees and block rewards.

It also shows a correlation between the revenue and BTC price, in relation to the block reward halving event that took place in mid-May 2020. At the time, Bitcoin price was $9,000 and on November 18, 2020, it was double that figure at $18,000.

Bitcoin Miners Rake in $353 Million in October 2020 Revenue

As such, BTC miner revenue on November 18 went back to its pre-halving level. On that date, miners’ daily revenue was $21.6 million. In comparison, the previous peak was set on May 6, 2020 at $20.6 million.

After the halving event which saw block rewards go from 12.5 BTC to 6.25 BTC, revenue had dropped as low as $7 million a day.

- Advertisement -
Bitcoin Miners Rake in $353 Million in October 2020 Revenue - Brand SpurBitcoin Miners Rake in $353 Million in October 2020 Revenue - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Bitcoin Miners Rake in $353 Million in October 2020 Revenue - Brand SpurBitcoin Miners Rake in $353 Million in October 2020 Revenue - Brand Spur

Latest News

PFAs Increase Investments in FGN Bonds by N935 Bn to N6.64 Trn in 9 Months…

Freshly released report on pension fund assets by National Pension Commission (NPC) showed that the total value of pension...

Insight Redefini Appoints Group Creative Director

Insight Redefini Group, a member of Troyka Holdings has deployed Sinmisola Hughes-Obisesan to the role of Group Creative Director Insight Redefini, in furtherance of...

Heirs Holdings Significantly Expands Oil and Gas Portfolio

Acquires 45% of OML 17 from Shell, Total and ENI Existing Production Capacity of 27,000 barrels of oil equivalent per day Estimated 2P...

OPEC Predicts A Rebound In U.S. Shale

Oil prices fell back on Friday over demand concerns. News that China has reported its highest Covid-19 case count in months weighed on market sentiment. OPEC sees...

Nigeria Inflation: Cost-Push Pressures Stoke Prices All-Year.

Nigeria Inflation soared to a 37-month high of 15.75% (Vetiva:15.91%) in December, driven more recently by festive demand alongside earlier multiple cost-push factors which...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Bitcoin Miners Rake in $353 Million in October 2020 Revenue - Brand SpurBitcoin Miners Rake in $353 Million in October 2020 Revenue - Brand Spur