Kofi Mensah October witnessed a considerable uptick in bitcoin mining profitability, with an increase of $131.45 million compared to September’s revenue. This boost was primarily fueled by the rise in BTC value, despite a minor decrease in the total fees collected, which fell by $5.44 million from the prior month. Consequently, October stood out as the second most profitable month of 2023 for BTC mining, just behind the earnings from block rewards.
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Robust October Earnings Reflect Near Peak 2023 Bitcoin Mining Profitability
At the time of this analysis, 43 mining pools are directing their SHA256 computational power towards the Bitcoin network. Their combined effort amounts to a staggering hash rate of 463 exahash per second (EH/s).
During the previous month, Foundry USA was at the forefront, uncovering 28% of the block rewards. Antpool closely followed by claiming 27% of the mining rewards in October. F2pool and Viabtc each contributed around 11% to the discovered blocks, with Binance Pool accounting for 7.23% of the total blocks found in October.
More than just profitability was notable in October for miners; the period also experienced a sequence of three network difficulty increments, culminating in a significant increase of 2.35% to a new peak of 62.46 trillion in mining difficulty.
This benchmark sets a new precedent for the complexity of challenges confronting bitcoin miners. During the bullish run, Bitcoin miners realized an uptick in revenue, with $131.45 million in October, edging past September’s sum of $753.6 million.
Furthermore, October not only outperformed August’s total miner revenue of $807.01 million but also adjusted the dynamics of fee generation. Fees in October, although surpassing August’s $17.2 million, did not attain September’s peak, falling short by $5.44 million.
The fee earnings in September stood at $26.4 million, but saw a reduction to $20.96 million in October. This decline in fee income might be partially attributed to the reduced number of Ordinal inscriptions, notwithstanding a recent increase in such transactions.
In the cryptocurrency sphere, the month has been colloquially dubbed ‘Uptober,’ a moniker that proved apt as it brought forth the year’s second-highest monthly revenue for mining activities, only second to May’s remarkable $919.22 million.
What are your insights regarding the uptrend in bitcoin mining revenues during October? We invite you to share your viewpoints and analyses on this topic in the comment section below.
Frequently Asked Questions (FAQs) about Bitcoin mining profitability October 2023
How much did Bitcoin mining revenue increase in October 2023?
Bitcoin mining revenue saw a substantial rise of $131.45 million in October 2023, marking a significant increase from the previous month’s figures.
What percentage of block rewards were discovered by Foundry USA and Antpool in October?
In October, Foundry USA discovered 28% of the block rewards, while Antpool secured 27% of the mining rewards.
What was the total hash rate contributed by mining pools to the Bitcoin network in the reported month?
Mining pools collectively contributed a hash rate of 463 exahash per second (EH/s) to the Bitcoin network during the month of October.
What was the highest difficulty level reached by the Bitcoin network in October 2023?
The Bitcoin network reached its highest difficulty level in October 2023, with a record-setting 62.46 trillion difficulty level after the last increase of 2.35%.
How did October 2023 rank in terms of monthly mining revenue for Bitcoin miners?
October 2023 ranked as the second-highest monthly revenue for Bitcoin miners in the year, only trailing behind May’s revenue of $919.22 million.
What caused the dip in Bitcoin mining fee earnings in October 2023?
The dip in mining fee earnings in October, which was $5.44 million less than in September, may be attributed to a decrease in Ordinal inscriptions, despite a recent uptick in such activity.
More about Bitcoin mining profitability October 2023
- Bitcoin Mining Profit Surge
- October’s Cryptocurrency Market Analysis
- Mining Pool Contributions to Bitcoin
- Record-Setting Mining Difficulty
- Bitcoin Mining Revenue Trends 2023
- Understanding Ordinal Inscriptions
5 comments
62.46 trillion difficulty level is just mind-blowing, Mining’s getting tougher by the day, wonder how the smaller players are keeping up
So Foundry USA and Antpool are leading the pack huh? pretty tight race between the two Interesting to see if one will pull ahead significantly by the end of the year
that’s some serious hash power we’re talking bout here..463 EH/s is insane! how much energy are we consuming for this though
Wow, this October really turned things around for miners didn’t expect that kind of jump in profits, Shows how quick things can change in crypto
Uptober sure lived up to its name, But let’s not forget that these figures aren’t sustainable unless BTC prices hold steady or go up. Volatility is the name of the game and it can swing either way, folks.