Bitcoin miners see August earnings plummet to 2024 low
Bitcoin (CRYPTO:BTC) miners encountered their most challenging revenue month of 2024 in August, with earnings reaching their lowest level since September 2023.
Total revenue for August was $851.36 million, marking a decline of $99.75 million from July.
Onchain fees also saw a significant drop, falling by $4.14 million compared to the previous month.
The decline in revenue is attributed to the continuing effects of the Bitcoin halving, which has kept hashprice low.
Data from The Block shows that Bitcoin miners struggled to generate income due to minimal fees and a reduced hashprice.
Of the $851.36 million in revenue, $20.76 million was derived from onchain fees.
This drop in fees reflects a broader trend of decreased earnings for miners.
During August, miners processed 4,289 blocks between heights 855,014 and 859,303.
Foundry USA and Antpool were the leading mining pools, securing 1,248 and 1,074 blocks, respectively.
Together, these pools captured 54.14% of the total revenue.
Notably, Foundry USA and Antpool benefited from high-fee blocks on August 22, when Babylon initiated staking.
The low earnings in August highlight the competitive nature of the Bitcoin mining industry and the economic pressures faced by miners.
The substantial decrease in revenue and onchain fees underscores the difficult environment for miners, who are dealing with reduced profitability.
However, if hashprice increases and mining activity rises, miners might experience improved earnings in the future.
The evolving landscape could potentially reshape profitability dynamics within the Bitcoin mining sector.
At press time, the Bitcoin price was $57,608.22.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
BlackRock’s Bitcoin ETF flips gold fund
SEC mulls approving Ethereum ETF options
Crypto mixer Bitcoin Fog founder receives 12.5-year prison sentence
Could XRP Reach $5, $10, or $20 in This Bull Run? Analysts Suggest a New Contender Might Lead!