FX.co ★ Bitcoin miners see revenue drop in September

In early autumn, the crypto market experienced a moderate decline. In September, Bitcoin miners generated an estimated $328 million in revenue, down by 11% from August.

The mid-summer period turned out to be more gainful. The income of miners reached $368.3 million. Besides, all mined coins were immediately sold.

The slight decrease in revenue came as bitcoin (BTC) stumbled throughout September, closing the month down by 8%. At the same time, at the end of September, the complexity of bitcoin mining increased by 11.35%, reaching a historical record of 19.31T.

What is more, the drop in revenue was caused by a shortage of new mining equipment. Dmitry Ushakov, Chief Commercial Officer of the BitRiver Company, said that manufacturers were unable to keep up with the growing demand for innovative models.

The decline in revenue also affected the cost of transactions. In September, transfer fees brought miners about 8% of total revenue up to $26 million, while in August, they totaled 10%.