September Slump: Bitcoin Miners See 2024’s Lowest Revenue

According to the latest data, bitcoin miners pulled in $815.7 million from rewards and fees in September, marking their lowest earnings month of 2024, with $35.66 million less than August’s haul.

Bitcoin Miners Earn $815.7M in September, Lowest Monthly Total of 2024

September was a tough month for bitcoin miners, who saw their lowest revenue yet in 2024. Numbers from theblock.co’s mining data show that $801.84 million came from Bitcoin’s 3.125 BTC block reward subsidy.

On the fee side, miners gathered $13.86 million throughout the month. Notably, September was the weakest month for fee earnings all year. The combined $815.7 million figure reflected a 4.18% drop from August’s $851.36 million total.

Bitcoin miner revenue (subsidy + fees) per month since May 2024, according to metrics from theblock.co’s mining data.

Bitcoin miners saw a modest uptick in hashprice, even though last month’s revenue wasn’t impressive. Hashprice, which reflects the daily expected value of 1 petahash per second (PH/s) of Bitcoin’s hashpower, began Sept. at $41.38 and climbed to $45.95 per PH/s by month’s end.

With October here, miners are likely crossing their fingers for a more profitable month, despite BTC delivering a 7.29% return in Sept. Historically, October, often referred to as ‘Uptober,’ has been a favorable month for BTC, posting positive returns 81.82% of the time since 2013.

What do you think about the revenue bitcoin miners collected in September? Share your thoughts and opinions about this subject in the comments section below.

Source