Bitcoin Mining Revenue Hit All-Year Low in August: Data

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Sujha Sundararajan

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Sujha Sundararajan

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September 2, 2024 04:55 EDT

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Bitcoin miners have reportedly faced their most challenging mining revenue of the year in the month of August. Last month, the revenue was $ 99.75 million less than in July, marking the lowest since September 2023.

Per data from Bitbo, miners revenue slumped to $827.56 million last month, from $927.35 million profits in July 2024. This has marked one of the worst revenue months for miners, underscoring the impact of Bitcoin’s fourth halving in April.

In September 2023, Bitcoin miners earned only $727.79 million, as the world’s leading crypto suffered a heavy blow, trading around $25,000. However, the price of BTC more than doubled ever since and is trading at $57.50K at press time.

Furthermore, according to the Block data, the on-chain fees also fell in August, a decrease of $4.14 million from July.

Also, Bitcoin mining firm Foundry USA found 1,248 blocks, accounting for 29.10% of the total. While, another largest mining pools Antpool mined 1,074 blocks, accounting for 25.04% share.

Revenue Slump Directly Proportional to Falling Transaction Volumes

Additionally, the number of Bitcoins mined in August was 13,843 BTC, a slight drop from July’s 14,725 BTC.

Besides, post the April halving, some of the mining firms also experienced a significant decline in their stock prices. Companies including Marathon Digital Holdings, Riot Blockchain, and CleanSpark saw their stock prices fall for several consecutive days.

The Bitcoin halving in April has further caused a hike in the difficulty of mining the crypto and a slump in transaction volumes, thus bringing down its profits.

The August revenue has highlighted a critical moment for miners, when they are grappling with economic challenges caused by low hash prices. However, Bitcoin miners could reap rewards if hash prices increase in parallel with increased activity.