In total, for the month, the revenue from the extraction of the digital asset amounted to $657 million, according to The Block Research

Bitcoin mining revenue rose by 10% in August

02.09.2022 - 13:30

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2 min

What’s new? According to The Block Research, bitcoin mining revenue rose by 10% for the first time since March. Most of the $629,45 million in revenues came from the block reward, while $8,98 million came from transaction fees. In total, miners earned $657 million in August. Since January 2022, the difficulty of mining the asset jumped 9,26%, while the hashrate rose by more than 13% over the same period. According to Binance as of September 2, 10:30 UTC, BTC is trading at $20 068, having gained 0,5% per day.

Material by The Block

Hashrate is the total computational power in the bitcoin network. The mining difficulty determines the amount of computing power it takes to find a new block in the blockchain. The parameter changes every 2016 blocks, or about once every two weeks. This ensures that the time it takes to find a block is around 10 minutes.

What else does the publication report? According to Kevin Zhang, Foundry’s senior vice president of mining strategy, the growth in hashrate is due to a drop in heat waves on a global level and the inclusion of mining equipment. In addition, Bitmain’s more efficient S19 XP ASIC miners have hit the market, he added.

In June and July, nearly all industrial miners temporarily suspended their operations in Texas at the request of the local Electric Reliability Council (ERCOT) due to high temperatures in the state and high electricity demand. Texas Blockchain Council president Lee Bratcher noted that about 1000 MW, more than 1% of the state’s total grid capacity, was released after large miners were shut down.

Starting July 13 to August 12, bitcoin mining revenue rose by 68,63%, from $13,92 million to $23,48 million.

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