Bitcoin

Bitcoin miners experienced a challenging month in August 2024, with revenue hitting the lowest point of the year, continuing a downward trend in the sector. According to sources,  the total revenue generated by Bitcoin miners during August amounted to $851.36 million, a significant decline from July’s $927.35 million. This $99.75 million drop underscores the ongoing struggles within the mining industry and highlights the increasing difficulty and reduced profitability of mining Bitcoin in the current environment.<h2 id="header-0">Factors Behind the Revenue Decline</h2>The revenue decline is <a href="https://cryptotale.org/bitcoin-miners-signal-potential-market-shifts-mpi-soars-to-9-43/" rel="noopener noreferrer nofollow">attributed</a> to factors that have put pressure on miners. Firstly, there has been a noticeable reduction in transaction volumes, which directly impacts the fees earned by miners.On-chain fees in August dropped by $4.14 million compared to the previous month, signaling a decrease in overall network activity. Moreover, mining difficulty has continued to rise,<a href="https://explorer.btc.com/btc/insights-difficulty?chart&#61;difficulty" rel="noopener noreferrer nofollow"> reaching </a>an all-time high of 89.47 trillion in August, up from 86.87 trillion in July. This increase in difficulty means that the miners need to expend more computational power to mine the same amount of Bitcoin, reducing their profitability.Related: <a href="https://cryptotale.org/bitcoin-miners-expected-to-unload-over-5-billion-following-halving/" rel="noopener noreferrer nofollow">Bitcoin Miners Expected to Unload Over $5 Billion Following Halving</a><h2 id="header-1">Leading Mining Pools and Their Impact</h2>In August, Foundry USA and Antpool, two of the<a href="https://cryptotale.org/bitcoin-miners-resurgence-and-warren-buffets-40-year-stock-market-triumph/" rel="noopener noreferrer nofollow"> largest mining pools</a>, mined 1,248 and 1,074 blocks, respectively. Foundry USA accounted for 29.10% of the total blocks mined, while Antpool contributed 25.04%.<a href="https://cryptotale.org/bitcoin-miners-face-worst-revenue-drop-in-11-months/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Bitcoin Miners Face Worst Revenue Drop in 11 Months

Table of Contents

CryptoTale

Other articles published on Sep 2, 2024

Community Accuses SEC of Favoring Bitcoin, Ethereum Over XRP

Next Cryptocurrency to Explode Monday, September 2 — Flux, Uniswap, Helium, Curve DAO

Crucial Shibarium Statement Dropped by SHIB Team to Community, Hold Tight

Bitcoin mining and AI are scrambling for same energy

Bitcoin miners see worst revenues in 11 months as difficulty climbs

SUNDOG’s AI Growth or PEPE’s 9.8% Surge: Why Investors Are Turning Bullish on MoonBag as the Top ...

Join our free newsletter for daily crypto updates!