Bitcoin mining revenue in October 2023 saw a significant increase, with a $131.45 million surge compared to September. This boost was mainly due to rising BTC prices, although fees experienced a slight dip. Find out which mining pools led the way in this near-record month for earnings.
Bitcoin mining revenue experienced a substantial upswing in October, reaching heights second only to May’s impressive earnings in 2023. The total revenue climbed by $131.45 million compared to September, primarily driven by the surge in BTC prices. However, earnings from fees saw a slight decrease of $5.44 million compared to the previous month.
As of the latest data, there are 43 mining pools actively contributing their SHA256 hashpower to the Bitcoin network, collectively generating an impressive 463 exahash per second (EH/s). Foundry USA and Antpool led the pack, securing 28% and 27% of the block rewards, respectively. F2pool, Viabtc, and Binance Pool also played their part, claiming shares of 11%, 11%, and 7.23%, respectively.
October wasn’t just a boon for miners; it also witnessed three consecutive network difficulty increases, culminating in a record-setting 62.46 trillion difficulty level. This presented miners with their most challenging obstacle to date. Despite the challenges, October’s revenue for Bitcoin miners surpassed September, totaling $807.01 million. However, fees did see a slight decrease, dropping to $20.96 million, possibly linked to a decrease in Ordinal inscriptions.
In the crypto community, October is affectionately known as ‘Uptober,’ and it certainly lived up to its name, delivering the second-highest monthly earnings of 2023.