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The activity on the Bitcoin blockchain and the rise in the price of cryptocurrencies are a source of delight for the mining industry. In October, the industry generated $353 million in revenue. And in November, these profits reached $21 million per day.
Bitcoin has been steadily increasing in recent weeks and has done so since September. However, there has been a deep decline of 11% in the value of crypto-active on November 25 to 17,250 dollars. This decline is explained by the massive arrival of Bitcoin on the exchanges with a view to resale.
For the actors of the Bitcoin mining industry, the period nevertheless remains very profitable. According to data from Comprar Acciones, miners are indeed making record profits. In October alone, they earned $353 million.
This amount includes both block rewards and transaction fees. These fees are also rising sharply. Last month they were close to $43 million. This is equivalent to 12% of miners’ monthly profits.
For these companies, October is therefore characterized by an 8% increase in revenues compared to September. And the Bitcoin mining industry can already expect a good performance in November.
According to Glassnode, the daily profit of the miners reaches 1,126 BTC, representing about 21 million dollars. This level therefore returns to the level prior to the Bitcoin halving last May. On that occasion, the rewards per block fell from 12.5 to 6.25 BTC.
The consequence for the miners was a profit per day that melted to 7 million dollars. The companies of the sector, therefore, have every reason to be satisfied with the current period and the adoption by the institutions.
The participation of these investors helps to drive the price of Bitcoin. Bitcoin is a major factor in the increase in miners’ incomes,” said Comprar Acciones. Thus, during the month of October, the value of Bitcoin increased by nearly 30%.
The crypto-active rose from 10,800 to 13,800 dollars. In terms of financial returns, Bitcoin is therefore crushing the other asset classes. JPMorgan recalls that in October, the increase was respectively only 1.44% for gold and 5.31% for S&P 500 stocks.
For miners and their financial health, it is essential that Bitcoin remains at high levels. However, the $20,000 barrier could prove to be complex to cross. Several whales, which deposit their funds on the exchanges, are in fact preparing to sell and receive capital gains.