Bitcoin miners had estimated sales of $ 1.1 billion in January, up 62% from December. This is evident from the data from Coin Metrics analyzed by CoinDesk.

The surge in sales was due to Bitcoin price rising from $ 29,000 to just under $ 42,000 in the first half of the month before flattening out in the last two weeks.

Sales estimates assume miners will sell their BTC immediately.

In terms of terahash per second (TH / s), miners’ earnings hovered between $ 0.20 and $ 0.27 for most of the month, after peaking at $ 0.32 earlier in the month. This is based on data from Luxor Technologies.

Network fees raised $ 116 million, or more than 10% of total revenue, in January, a slight percentage increase from 9.8% of revenue generated by fees last month. Fee income hit the highest level since January 2018, according to Coin Metrics data.

Fees, measured in US dollars, were quite volatile in January, with average transaction costs per coin metric over the month ranging from $ 5 to over $ 16.

In particular, the share of fees in total revenue has risen sharply since April, before the network’s third block subsidy halved in May. Increasing fee income is important to keep the network secure, as subsidies decrease every four years.

Despite demands from some investment professionals like Guggenheim’s CIO Scott Minerd that Bitcoin price is currently too high, miners are seeing a sustained period of strong earnings. Bitcoin miners around the world are buying more and more mining equipment and starting to receive and deploy pre-ordered ASICs last year as they implement plans for further expansion.