Bitcoin miners saw a significant revenue boost in October, marking a 25.05% increase following September's low point. This notable growth was fueled by a surge in the value of computing power, reaching $54.52 per petahash per second on October 31st, which was the peak hashprice over the last 30 days.
The increase in miners' revenue is closely linked to a substantial rise in onchain fees, which saw a 241% increase. This fee escalation contributed to making October a profitable month for the miners despite the volatility experienced in prior months.
The resurgence in mining profitability follows a challenging September and reflects improved market conditions and operational strategies. The trends in October showcased the dynamic nature of the bitcoin mining sector, emphasizing its resilience and capacity for recovery amidst market fluctuations.
