Bitcoin Miners’ Revenue Hits Annual Low in September

In September, miners of the leading cryptocurrency earned a total revenue of $815.7 million. This marks the lowest figure since the beginning of the year, according to data from The Block.

The amount of fees in miners’ revenue amounted to $13.86 million — the lowest since the BRC-20 standard emerged in March 2023.

On September 11, mining difficulty reached a historic high of 63.67 T. In the subsequent recalculation two weeks later, the figure decreased by 4.6% to 88.4 T.

Alongside the recovery of bitcoin’s price to levels near $66,000, this contributed to the increase in hashprice to around $48 per PH/s per day (Hashrate Index).

Following a market correction at the end of the month, the metric fell back to around $44, which is significantly higher than the $38 per PH/s per day recorded in the early weeks of September.

According to JPMorgan experts, miners’ gross profit from block rewards decreased by 6% compared to August, dropping to $16,100 per EH/s. This was reported by CoinDesk citing the bank’s report.

Analysts noted that despite the rise in the average bitcoin price and hash rate in September, the daily income of cryptocurrency miners has been declining for the third consecutive month.

As experts from Glassnode suggest, due to the increase in network computing power, miners remain confident in the prospects of digital gold but may increase sales if further corrections occur.