Bitcoin Miners Face Leanest Month of 2024: August Earnings Hit Year’s Low

Bitcoin miners faced their most challenging revenue month of the year in August, marking the lowest earnings since September 2023. Onchain fees collected in August also dipped, reaching a low not seen since last year, with a $4.14 million drop compared to July.

August Bitcoin Mining Revenue Drops $99.75M Lower Than July

The ongoing effects of the Bitcoin halving are keeping miners on their toes, with hashprice staying low and onchain participants shelling out minimal fees. Data from theblock.co reveals that miners experienced their leanest month of earnings in 2024 so far. A total of $851.36 million was generated between subsidy and fees, with $20.76 million of that sum coming from onchain fees.

August’s mining revenue was $99.75 million less than July’s figures, and users contributed $4.14 million less in onchain fees compared to the previous month. Between block heights 855,014 and 859,303, bitcoin miners managed to obtain 4,289 blocks. Foundry USA secured 1,248 blocks, capturing 29.10% of the total, while Antpool uncovered 1,074 blocks, securing 25.04% of the share.

This means that two mining pools, Foundry USA and Antpool, scooped up 54.14% of the total $851.36 million revenue. Miners hit the jackpot with some hefty fees paid out on Aug. 22 when Babylon initiated staking. Thanks to their significant computational power, Foundry and Antpool emerged as some of the biggest winners of those high-fee blocks.

August’s earnings data highlight a pivotal moment for bitcoin miners, emphasizing the intense rivalry among the industry’s key players. As miners grapple with economic challenges stemming from reduced hashprice and lower fees, the influence of major participants points to a widening gap that could redefine the profitability of bitcoin mining. Yet, if hashprice climbs in tandem with increased activity, miners might just find themselves reaping the greatest rewards within the ecosystem.

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