Bitcoin

Rekt

Oasis

Bitcoin miners recorded their lowest revenue generating month since September 2023 in August as the leading crypto drops below $58K and an analyst predicts BTC will “breakout” in October.
Collectively, miners achieved a revenue of $827.56 million in August. This marked a 10.5% drop from the previous month’s $927.35 million, according to <a href="https://charts.bitbo.io/miner-monthly-revenue/" rel="noopener noreferrer nofollow">Bitbo</a> data.&nbsp;
<img decoding="async" src="https://cloudfront-us-east-2.images.arcpublishing.com/reuters/7HNBD7QLBNKFLNUN6EABSW74CY.jpg" alt="Crypto miner lawsuit sets back US effort to track booming power use | Reuters">
<h2 id="span-style-font-weight-400-bitcoin-miners-monthly-revenue-falls-57-since-btc-set-its-ath-in-march-span">Bitcoin Miners’ Monthly Revenue Falls 57% Since BTC Set Its ATH In March</h2>
August’s revenue is also a 57% drop from this year’s peak of $1.93 billion, which was set in March when BTC established a new all-time high of more than $73,500.&nbsp;
Since September, BTC’s price has more than doubled. Despite this surge in the leading crypto’s price, miners continue to feel the effects of the April 2024 halving event.&nbsp;
Other factors that are putting stress on miners are the drop in the number of transactions on the <a href="https://insidebitcoins.com/news/blackrock-spot-bitcoin-etf-records-first-net-outflows-since-may-1-as-bitcoin-drops-below-60k-and-etfs-extend-outflow-streak" rel="noopener noreferrer nofollow">Bitcoin</a> network and the spike in mining difficulty. Mining difficulty hit a new high in August, and reached 89.47 trillion. This was an increase from July’s 86.87 trillion.
<h2 id="span-style-font-weight-400-btc-drops-below-58k-as-analyst-predicts-october-breakout-span">BTC Drops Below $58K As Analyst Predicts October Breakout</h2>
Over the past 24 hours, the Bitcoin <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">price</a> dropped below $58K to trade at $57,511.24 as of 1:25 a.m. EST. Following the crypto’s 24-hour retracement, <a href="https://insidebitcoins.com/news/bitcoin-price-prediction-btc-tops-59k-as-investors-rush-to-buy-dice-before-it-launches-for-its-100x-potential" rel="noopener noreferrer nofollow">BTC</a> is down more than 10% on the weekly timeframe.
Amid the latest correction in the Bitcoin price, renowned crypto analyst and trader Rekt Capital predicts the crypto king could surge in October. In an Aug. 31 X post, the pseudonymous trader referred to historical trends that show BTC tends to “breakout” 150-160 days after the halving event.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a>
 History suggests that Bitcoin tends to breakout 150-160 days after the Halving
 That would mean Bitcoin would breakout from its ReAccumulation Range in late September 2024
 That being said, Average Historical Monthly Returns for September are -4.48%, with highest ever… <a href="https://t.co/EnEsc8M8O8" rel="noopener noreferrer nofollow">pic.twitter.com/EnEsc8M8O8</a>
 — Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1829916428772016452?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 31, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
If history were to repeat itself, BTC could escape what Rekt Capital calls its current “ReAccumulation Range” towards the end of this month. He added, however, that September has generally been a negative month for Bitcoin in the past. As such, he believes that BTC could consolidate “beyond September to achieve an October breakout.”
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Bitcoin Miners Suffer Lowest Monthly Revenue Since September 2023 As BTC Falls Below $58K And An Analyst Predicts October Breakout

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