Adam Vettese (eToro) | Bitcoin miners saw revenues surge 23% in August as increased transaction volumes fed through to prices, and as the price of Bitcoin remained above $11,000.
Coin Metrics data analysed by CoinDesk showed Bitcoin miners generated an estimated $368 million in revenue in August, up from $300 million in July. It is the third consecutive monthly increase in miner revenue and was given a lift from network fees which totalled $39m in August.
Miners are enjoying the benefits of the higher price, with Bitcoin climbing above $11,000 back at the end of July and holding above that level throughout the last month.
Ethereum also continues to surge; the price of the second largest cryptoasset by market cap shot higher at the end of August to trade at $466 and is up more than 300% since the March low point