Bitcoin miners face 2024's lowest revenue in September
Bitcoin (CRYPTO:BTC) miners saw their lowest earnings of 2024 in September, generating $815.7 million from rewards and fees.
This represents a 4.18% decline from August's revenue of $851.36 million, according to data from theblock.co.
The drop occurred despite a slight increase in hashprice, which reflects the expected daily value of Bitcoin’s hashpower.
Out of the total revenue, $801.84 million came from Bitcoin's block reward subsidy, while $13.86 million was earned through transaction fees.
September's transaction fees were the lowest of the year, highlighting the difficulties miners face in staying profitable.
A slight improvement in hashprice provided some relief to miners, starting at $41.38 per petahash per second (PH/s) at the beginning of September and rising to $45.95 by the end of the month.
This uptick in hashpower value helped balance the overall revenue shortfall, though earnings still remained low for the month.
Looking forward to October, miners are cautiously optimistic about a potential rebound.
Historically, October has been a positive month for Bitcoin, with the cryptocurrency posting gains 81.82% of the time since 2013.
Due to this, the month has earned the nickname "Uptober" among investors and miners alike.
Miners are hopeful that this historical trend will hold true, giving them a more profitable period ahead.
However, profitability challenges remain as the industry continues to grapple with fluctuating transaction fees and hashpower value.
At press time, the Bitcoin price was $61,624.77.
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
US Democrats under fire for jobs and economic standing – Polls data
Share link:In this post: A survey has revealed that 55% of independents say Democrats are focused on helping other people, while only 27% say Democrats are focused on helping them. Only 38% of people think that Dems’ policies help the middle class and working class the most, while 35% believe they help the rich the most. A majority of individuals, 56%, expressed their belief that Dems are not advocating for the interests of working individuals.

VanEck Bets on Avalanche with ETF Filing – Will AVAX Rally?

Bitget Spot Bot adds BMT/USDT
Bitcoin’s Plunge Intensifies amid Growing Recession Concerns – What’s Next?
Exploring Potential Impacts and Future Scenarios as Major Cryptocurrencies Plummet Amidst Widespread Economic Uncertainty

Trending news
MoreCrypto prices
More








