Bitcoin Mining Revenue Soared in October, Securing Second-Highest Monthly Earnings of 2023

    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.

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    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.

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    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.

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