{"id":68164,"date":"2022-10-06T10:43:58","date_gmt":"2022-10-06T07:43:58","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=68164"},"modified":"2025-09-07T12:38:44","modified_gmt":"2025-09-07T09:38:44","slug":"bitcoin-miner-revenues-fall-19-in-september","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitcoin-miner-revenues-fall-19-in-september\/","title":{"rendered":"Bitcoin-miner revenues fall 19% in September"},"content":{"rendered":"

August’s consolidated revenue of Bitcoin miners amounted to $551 million. The figure fell by 19% from the previous month<\/a>, according to ForkLog’s report<\/a>.<\/p>\n

Revenue from transaction fees also declined from $10 million to $9 million. However, their share of the total for the month rose from 1.41% to 1.63%.<\/p>\n

The decline in income occurred amid a modest increase in hashrate (+3.6%) and a relatively high mining difficulty. The latter metric only at the end of September fell by 2.14%<\/a>, marking the first negative trend since July 21.<\/p>\n

\"Bitcoin-miner
Bitcoin mining revenues by month, millions of dollars. Data: ForkLog.<\/figcaption><\/figure>\n

In parallel with Bitcoin’s stagnating price, this led to a contraction of the \u0445\u0435\u0448\u043f\u0440\u0430\u0439\u0441<\/span> to levels last seen in July 2020. At that time, digital gold traded below $10,000.<\/p>\n

\"Bitcoin-miner
Hashprice dynamics for Bitcoin. Data: ForkLog.<\/figcaption><\/figure>\n

This factor, together with irrational financial management and overly aggressive investments became the cause of losses for many publicly traded mining companies<\/a>.<\/p>\n

Foundry USA strengthened its lead among the largest Bitcoin pools \u2014 its share of total hashrate rose above 25%. AntPool also significantly expanded its market positions during the month \u2014 from 15.4% to 17.8%. The F2Pool share for September rose from 15.1% to 16.3%, and Binance Pool \u2014 from 9.8% to 12.1%.<\/p>\n

Poolin’s share of total hashrate fell from 10.2% to 5.3% \u2014 last month the company acknowledged liquidity problems<\/a>, and subsequently outlined a plan<\/a> to resume withdrawals.<\/p>\n

\"Bitcoin-miner
Largest pools by Bitcoin mining. Data: BTC.com<\/a> as of 01.10.2022.<\/figcaption><\/figure>\n

Following Ethereum’s migration to the Proof-of-Stake (PoS) consensus algorithm Proof-of-Stake<\/a> as a result of the Merge upgrade<\/a>, the network hashrate, as well as miner inflows, fell to zero. Over the month, the average Ethereum transaction fee dropped by 40% to $1.97. By contrast, Bitcoin’s corresponding figure, which remained around $1 throughout September, is almost half that level.<\/p>\n

\"Bitcoin-miner
Dynamics of the average BTC- and ETH-transaction fees. Data: ForkLog.<\/figcaption><\/figure>\n

With Ethereum’s move to PoS, miners of the second-largest cryptocurrency began switching to other networks<\/a>. Coins such as Ethereum Classic (ETC), Ravencoin (RVN), Ergo (ERGO) or Beam (BEAM) saw a sharp rise in hashrate.<\/p>\n

By the end of the month, their metrics began to decline. ETC’s hashpower fell to 147 TH\/s from around 300 TH\/s at the peak. The hash rate of the largest PoW fork ETHW as of October 1 stood at 48 TH\/s. In the Ethereum network on the eve of the upgrade, computing power continued to operate at roughly 750 TH\/s.<\/p>\n

Sponsor of the column \u201cBitcoin Industry in Numbers\u201d \u2014<\/strong> Bybit<\/a>, the ecosystem for crypto-traders.<\/strong><\/p>\n

As ForkLog explained in a feature explained in a feature<\/a>, The Merge<\/a> did not solve Ethereum’s scalability problem and how the project will develop.<\/p>\n

Follow ForkLog’s Bitcoin news in our Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"

For August, aggregate revenue of Bitcoin miners totalled $551 million. The figure fell by 19% compared with the previous month, according to ForkLog’s report.<\/p>\n","protected":false},"author":1,"featured_media":68165,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1137],"class_list":["post-68164","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/68164","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=68164"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/68164\/revisions"}],"predecessor-version":[{"id":68166,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/68164\/revisions\/68166"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/68165"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=68164"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=68164"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=68164"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}