Bitcoin Mining Squeeze: July Revenue Hits Lowest Monthly Intake of the Year

In July, bitcoin miners earned $951.11 million, marking the lowest monthly revenue of the year. Out of this total, $24.9 million was generated from transaction fees, reflecting a trend of low onchain fees.

July Bitcoin Mining Revenue Plummets to a 2024 Low

The month was particularly challenging for bitcoin miners, as earnings hit their lowest point in 2024. Additionally, the value of Bitcoin’s hashprice, or the estimated worth of 1 petahash per second (PH/s) of hashpower, decreased as July progressed. At the start of the month, the value of 1 PH/s was approximately $48, but by July 31, it had declined to $45. In the first three days of August, the hashprice dropped further to around $43 per PH/s.

Bitcoin miners collectively earned $951.11 million in July, with $24.9 million derived from onchain fees. This figure is about $12 million less than what miners earned in June, where they accumulated approximately $963.67 million, including $101.25 million from fees. Over the past month, 4,540 blocks were mined, with Foundry USA discovering 1,370 blocks and Antpool finding 1,138. Foundry USA accounted for roughly 30% of the month’s hashrate, while Antpool contributed 25%.

The decline in bitcoin mining revenue, underscored by the falling hashprice, is creating a challenging environment for miners. As these pressures increase, the industry’s future profitability remains uncertain. If this downward trend continues, it remains to be seen how miners will adapt or whether they will be able to sustain their operations in an increasingly competitive landscape.

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