Without a fat turkey, traders were treated to a crash with a bloody day. The month of November 2020 could however fatten the miners. They have already taken advantage of the start of the bullish rally in Bitcoin (BTC) in October 2020.
Minors well force-fed in October 2020
According to an article on the site Compraracciones published on November 25, 2020, the total income of minors of Bitcoin, which includes transaction fees and block rewards, would amount to approximately $ 353 million in October 2020.
This month has turned out to be one of the best in terms of income for minors over the past 3 years, with an increase of around 8% compared to September 2020.
Transaction fees are estimated at $ 12.9 million, which is about 12% of the monthly income of miners.
According to Glassnode, the daily profit of miners reached 1,126 BTC, or approximately $ 21.7 million: this amount is close to the pre-halving levels recorded. Immediately after, the daily income of the miners had dropped to $ 7 million.
A bold November for minors
Unsurprisingly, the rise in the price of Bitcoin is one of the factors contributing to this growth in miners’ income.
Bitcoin has gained almost 30% month over month: at the start of October 2020, it was trading around $ 10,800 and had reached $ 13,800 as of October 31, 2020.
By way of comparison, the action of JP Morgan Chase Growing 8% during the same period, gold and the S & P500 index gained 1.44% and 5.31% respectively. Bitcoin continued its upward trajectory in November 2020, which could lead to a significant increase in the incomes of miners for this month despite the thanksgiving crash.
What would a blockchain using Proof-of-Work deserted by miners be? BTC miners have every reason to keep digging, especially in 2021, if Bitcoin begins its ascent towards the 6 digits.
Litecoin, welcome in the Silver Age