Summary:
Bitcoin miners faced their lowest earnings in August since September 2023.
Mining revenue dropped by $99.75 million compared to July.
Miners generated $851.36 million from subsidies and fees in August.
Foundry USA and Antpool secured over 54.14% of total revenue.
Economic challenges include reduced hashprice and lower onchain fees.
Bitcoin miners faced their most challenging revenue month of the year in August, marking the lowest earnings since September 2023. Onchain fees also dipped, reaching a low not seen since last year, resulting in a $4.14 million drop compared to July.
August Bitcoin Mining Revenue Drops $99.75 Million Lower Than July
The ongoing effects of the Bitcoin halving are keeping miners on their toes, with hashprice remaining low and onchain participants paying minimal fees. Data from theblock.co reveals that miners experienced their leanest month of earnings in 2024 so far, generating a total of $851.36 million from subsidies and fees, with $20.76 million of that coming from onchain fees.
August's mining revenue was $99.75 million less than July's figures, with users contributing $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, accounted for 54.14% of the total $851.36 million revenue. Miners benefited from hefty fees paid out on August 22 when Babylon initiated staking, allowing Foundry and Antpool to emerge as significant 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.
What do you think about the mining revenue loss that occurred in August? Do you think mining revenue will improve? Share your thoughts and opinions about this subject in the comments section below.
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