Bitcoin miners created an approximated $1.1 billion in revenue in January, up 62% from December, according to on-chain information from Coin Metrics assessed by Coin Workdesk.
The rise in revenue came as bitcoin‘s price climbed from $29,000 to just below $42,000 in the first half of the month before levelling off through the last two weeks.
Revenue estimates assume miners sell their BTC immediately.
Measured by per terahash per second (TH/s), miner revenues bounced between $0.20 and $0.27 for most of the month after peaking near $0.32 early in the month, per data from Luxor Technologies.
Network fees brought in $116 million in January, or over 10% of total revenue, a slight percentage increase from the 9.8% of revenue represented by fees last month. Fee revenue hit its highest mark since January 2018, per Coin Metrics data.
Fees measured in dollars were quite volatile in January, with average transaction costs bouncing between $5 to above $16 throughout the month, per Coin Metrics.
Notably, fees as a percentage of total revenue continues a strong upward trend since April, prior to the network’ s third-ever block aid halvingin May Increases in cost revenue are necessary to maintain the network’s safety and security as the aid reduces every 4 years.
Despite calls by some financial investment experts like Guggenheim’s CIO Scott Minerd that bitcoin’s rate is presently too expensive, miners eye an ongoing stage of solid revenue. Around the globe, bitcoin miners proceed purchasing even more mining equipments as well as are starting to obtain as well as release ASICs pre-ordered in 2014 as they act upon prepare for ongoing development.