Bitcoin miners made $827 million in August, down 10.5% from July. This was the lowest since September 2023 and only 5% higher than in August of the same year, despite the price doubling since then.
In August 2024, miners made 57% less than in March 2024, when the bitcoin price reached an all-time high of about $73.5k. September 2023 was the worst month for miners, with revenue at $727.79 million.
Mining challenges
In 2024, miners' revenues have halved since April. The reward per bitcoin block has dropped from 6.25 to 3.125 BTC, making mining less profitable. Costs like electricity, wages, and rent have stayed the same.
Mining bitcoin is getting harder. On August 29, it reached an all-time high and climbed 3%. This means miners need more computing power to find a new block in the bitcoin blockchain.
Some miners could focus on other business areas, including investments in decentralized finance and AI.