Bitcoin miners brought in about $550.5 million in revenue in September, down 16.2% from the previous month.
Bitcoin mining revenue fell 16.2% in September to about $550.5 million, marking its fifth decline in the last six months and the lowest total since November 2020, according toBitcoin generated about 1.56 times the revenues of Ethereum miners and stakers combined following the latter network's switch to proof-of-stake.
Most bitcoin mining revenues came from the block reward subsidy and only a small portion from transaction fees . The share of bitcoin transaction fees over total revenue increased slightly to around 1.6%.In the most recent update, the"Decreasing mining economics are leading to high-cost and low-efficiency miners shutting off," Ethan Vera, COO of bitcoin infrastructure company Luxor Technologies, told The Block.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.Catarina is a reporter for The Block based in New York City. Before joining the team, she covered local news at Patch.com and at the New York Daily News. She started her career in Lisbon, Portugal, where she worked for publications such as Público and Sábado.
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