Bitcoin miners' income in August fell to the lowest point in the past 12 months

The income of Bitcoin miners in August fell to the lowest point in nearly 12 months, mainly due to the halving event in April. According to data from the Bitcoin monitoring platform Bitbo, mining revenue in August was about $827 million, lower than any month since September 2023 and far below the peak of nearly $2 billion in March 2024.

The halving event that occurs every four years reduces the Bitcoin reward for each block by half. The April halving reduced rewards from 6.25 BTC to 3.125 BTC. Since then, the number of Bitcoins mined each month has steadily declined, falling from a high of 347,000 BTC in May 2011 to less than 14,000 BTC in August.

A report by JPMorgan pointed out that the fourth Bitcoin halving event led to a decrease in daily mining output and income opportunities, affecting miners' profit margins and profitability. The five listed Bitcoin miners monitored by JPMorgan saw a decline of 28% in their mining volume during Q2.

In response to declining revenues, bitcoin miners are adjusting their business models; some companies such as Core Scientific, Hive Digital Technologies and Hut8 are investing into artificial intelligence applications while others like Bitdeer Technologies Group are working on improving mining efficiency.