Bitcoin miners saw a notable bump in transaction fee revenue during October

The share of overall bitcoin miner revenue from transaction fees rose to roughly 12% in October — the highest level since January 2018.

The development, according to data from Coin Metrics, is perhaps unsurprising given that the end of October saw a notable jump in bitcoin transaction fees. Blockchain transaction fees are higher when the network is busier, as users pay more to compete for a limited amount of block space. 

Another likely factor: bitcoin fees are paid in the form of BTC, and the digital asset’s value rose above $13,000 during October, briefly passing $14,000 on Halloween, according to Coinbase data. 

 

Miners generated a total of $352.57 million in monthly revenue during October, according to data from Coin Metrics.

© 2020 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.