Bitcoin mining revenue surges in October despite fee earnings dip  |  Editor Hari G

Published Nov 04, 2023 06:44AM ET

In a noteworthy development, October 2023 saw a significant surge in Bitcoin mining revenue, reaching an increase of $131.45 million from the previous month. This positions October as the second highest month for Bitcoin block rewards in 2023, despite a decrease of $5.44 million in fee earnings.

The month was marked by the contribution of an impressive 463 EH/s to the Bitcoin blockchain by 43 distinct mining pools. Leading the pack were Foundry USA and Antpool, discovering 28% and 27% of block rewards respectively. Other significant contributors included F2pool and Viabtc, each accounting for about 11% of the total, while Binance Pool (NASDAQ:POOL) found 7.23% of the total blocks.

October also saw three successive network difficulty increases, culminating in a record-setting level of 62.46 trillion. This peak represents the most challenging scenario Bitcoin miners have faced to date. The escalating difficulty level is a testament to the increasing competition among miners vying for block rewards.

Despite the dip in fee earnings, the substantial increase in mining revenue underscores the robustness of the Bitcoin mining industry. The diverse contributions from multiple mining pools demonstrate the distributed nature of the network and its ability to resist centralization.

As we move into November, it remains to be seen how these trends will evolve and what impact they will have on both miners and the broader cryptocurrency market. As always, developments within this dynamic sector warrant close observation.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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