Bitcoin miners' mining revenue increased 48% in November

According to on-chain analysis data from Coin Metrics, Bitcoin miners earned an estimated $522 million in November, up 48% from October.

As Bitcoin surged into November, revenues increased dramatically, with miners’ revenues hitting a record high at the end of the month after a gain of more than 40%. Total monthly revenues in November reached their highest level since September 2019.

Revenue estimates assume miners sell their mined bitcoins immediately.

According to aggregated mining data, miners' income, measured in terahertz (TH), a unit of Bitcoin mining machine mining computing power, has reached an 11-month high, the highest level since early May, and a six-month high.

Despite significant volatility during the year, Bitcoin mining revenue measured in TH/s has remained essentially flat this year, from around $0.138 on January 1 to $0.135 at last count.

Bitcoin network fees brought in $54.9 million in revenue in November, accounting for nearly 11% of total revenue, a slight decrease from the 12.2% of revenue that fees accounted for in October.

Bitcoin network fees have been falling steadily through November, dropping from roughly two-year highs in late October, with average transaction fees dropping from $13 in early November to under $3 by the end of the month, according to Coin Metrics.

Notably, fees as a percentage of total revenue have been trending strongly upward since April, ahead of the network’s third-ever block reward halving in May. As block rewards decrease every four years, increasing fee revenue is important to maintaining the security of the network.

Taking advantage of the increased revenue, miners have been bringing more and more machines online following the record difficulty drop in early November. The past two adjustments have led to an increase in difficulty, with a third consecutive increase expected in mid-December, meaning mining is utilizing more resources than before.

Analysts predict that Bitcoin’s current rally is sustainable as prices continue to rise with a strong likelihood of continued gains, with miners eyeing continued revenue growth through the end of 2020.