Bitcoin miners are seeing mining revenues fall to 12-month lows due to the Bitcoin network’s April “halving.” According to Bitbo data, monthly BTC mining revenues fell to around $827 million in August 2024. That’s the lowest level since September 2023 and far below peaks of close to $2 billion in March 2024.

Occurring every four years, the “halving” event cuts mining rewards in half. The April halving reduced per-block rewards from 6.25 BTC to 3.125 BTC. According to JP Morgan researchers, this has negatively impacted mining margins and profitability.

Miners are investing in AI applications to adapt their business models. For example, Hive Digital Technologies increased its sales by 36% by focusing on AI services. Bitdeer Technologies Group increased mining efficiency and increased its gross profit by 50% by investing in next-generation equipment.

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