TL;DR Breakdown: Bitcoin miners generated over $1.4 billion in revenue last month, mostly from block subsidies.On-chain data shows miners are accumulating Bitcoin again. The Block Crypto Data has revealed that Bitcoin miners generated about $1.4 billion in revenue throughout August. The revenue consists of block rewards (6.25 BTC) paid to miners and transaction fees. Interestingly, miners are holding more BTCs than they are spending, according to on-chain data from Glassnode. Bitcoin miners gained $1.3B in subsidy Bitcoin miners gained the most from block rewards. According to the data, a total of $1.39 billion worth of Bitcoin were awarded to miners for block creation throughout last month. They only made $18.72 million from transaction fees. The revenue in August accounts for a 45 percent increase from the previous month. In July, Bitcoin miners only generated $944.24 million from block subsidy and $27.59 million from transaction fees – a total of $971.83 million. The decline in block subsidy can be related to the Bitcoin mining ban in China, which significantly affected the overall hash power on the BTC network. Miners are still HODLing Bitcoin Following the incident in China, the Bitcoin hashrate declined to record levels because the country housed the most Bitcoin mining hashrate. The development also affected Miners’ Net Position Change negatively, as they had to sell more Bitcoin to migrate to other jurisdictions...
