Miners' income is often seen as an indicator of market health. When income declines, it may trigger investor concerns that miners' selling will have a negative impact on prices. This shift in sentiment could lead to a decline in investor confidence, further depressing market prices.
Bitcoin miners faced their most challenging revenue month of the year in August 24, marking the lowest revenue since September 2023. On-chain fees collected in August also declined, down $4.14 million from July, a new low since last year. We all know that miners' income mainly comes from two parts: one is the mining reward, which is the Bitcoin reward after successfully mining a new block; the other is the transaction fee on the chain, which is the fee paid by users when transferring Bitcoin.
This situation can be understood as miners working hard but earning less than ever before, which puts them under great pressure. The decline in miners' income may put some higher-cost miners under greater operating pressure and even exit the market.
In the history of Bitcoin, miners' income fluctuates, sometimes increasing significantly due to rising Bitcoin prices or active transactions; miners "earned less and spent more" in August, and encountered great income pressure. It's like a period of time in a year when business is particularly quiet, and the money earned is not enough to pay bills and employee wages. This situation may affect the stability of the Bitcoin network, because if the number of miners decreases, the difficulty of mining may increase, and the security of the network will also be affected.#BTC#ETH#ETF
