- Miners’ income reached $827.56M in August, a decrease of 10.5% from July’s $927.35M.
- The monthly total of BTC mined fell little from 14,725 BTC in July to 13,843 BTC in August.
August saw a decline in the amount of BTC produced, leading to the lowest revenue-generating month for Bitcoin miners since September 2023. Bitbo data reveals that miners’ income reached $827.56 million in August, an increase of 5% from August 2023, but a decrease of almost 10.5% from July’s $927.35 million.
This number represents a 57% decline from the all-time high of little under $1.93 billion in March of 2024, when Bitcoin reached a new all-time high of more than $73,500 on March 13. Bitcoin miners’ monthly revenue has dropped to $727.79 million, its lowest point since September 2023. During the month, the price of bitcoin remained at $25,000. Still, as of this writing, its price has more than doubled, and it is now trading at $58,466.
Miners Struggle Continues
The monthly total of Bitcoins mined fell little from 14,725 BTC in July to 13,843 BTC in August. Since the Bitcoin halving in April reduced block rewards by 50% to 3.125 BTC, the difficulty of mining BTC has risen, and transaction volumes have fallen, putting miners under pressure and leading to a decline in revenue.
In August, the median fees that comprised a portion of the block reward were 2%. Bitbo and Blockchain.com statistics show that the daily confirmed transaction 30-day average peaked at almost 631,648 on July 31 and then dipped to 594,871 on Aug. 31.
As for the mining difficulty, it has been steadily increasing and reached a new record high of 89.47 trillion in August, up from 86.87 trillion in July. As Bitcoin mining has become more complex and less profitable, some miners have turned to outsourcing their computer power to artificial intelligence.
Highlighted Crypto News Today:
