Bitcoin Miners’ Revenue Hits 11-Month Low

In August, the revenue of Bitcoin miners fell to $827.56 million, the lowest since September 2023, according to BiTBO.

Compared to July, the figure decreased by 10.5%. In August of the previous year, the value had increased by 5%.

In March 2024, amid a price surge to ATH, revenue reached $1.93 billion. Relative to this peak, the metric plummeted by 57% in August.

The number of bitcoins mined decreased from 14,725 BTC in July to 13,843 BTC.

The dynamics were influenced by an increase in difficulty levels and a drop in transaction numbers. The former indicator jumped to a record 89.47 T. The latter, recalculated over 30 days at the end of summer, reached an annual peak of 631,648 before falling to 594,871.

Back in April, the halving reduced the block reward from 6.25 BTC to 3.125 BTC, exacerbating financial difficulties for industry participants.

Some were forced into bankruptcy, like Rhodium Enterprises, while others, such as CleanSpark, Riot Platforms, and Bitfarms, seized the opportunity to acquire competitors. Some, like Swan Bitcoin, ceased operations.