ICYMI: Bitcoin mining revenues rose by 10% in August
posted on Wednesday, while in the same time period hash rate rose by more than 13%.
The growth in hash rate is due to"a combination of heat waves finally subsiding and facilities slowly coming online," said Kevin Zhang, senior vice president of mining strategy at Foundry, which runs the Foundry USA mining pool."There's also the added kicker of the higher efficiency Bitmain S19 XP's finally hitting the market as well!"
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 fell to about 1.4%.© 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.
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