August 2024 marked Bitcoin miners' lowest revenue month since September 2023, with a $99.75M drop compared to July.
Onchain fees in August decreased by $4.14M, compounding miners' financial challenges amid reduced hashprice.
Foundry USA and Antpool dominated 54.14% of August's total mining revenue, with significant block contributions.
August has proved to be the most challenging month for Bitcoin miners in 2024. Their earnings hit their lowest point since September 2023, with total revenue falling sharply. The onchain fees also saw a major drop which has also contributed to the decline in miners' income.
August Revenue Falls Below July Figures
Bitcoin miners generated a total of $851.36 million in August, which was a fall from July. The revenue drop was $99.75 million less than the previous month, indicating tough market conditions.
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Onchain fees collected in August declined by $4.14 million compared to July. The drop in profits emphasizes how difficult it continues to be for miners to remain profitable in the face of difficult economic conditions.
Impact of Bitcoin Halving and Reduced Hash Price
The impacts of the latest Bitcoin halving have been felt across the mining sector, with hashprice still low. This has led to reduced profitability for miners, who are also facing lower onchain fees.
The situation has put many miners under financial strain, as they continue to operate in a difficult environment. Despite these challenges, miners managed to produce 4,289 blocks during August, with significant contributions from major mining pools.
Foundry USA and Antpool Dominate the Market
Two mining pools, Foundry USA and Antpool, captured a significant share of the market in August. Foundry USA secured 1,248 blocks, accounting for 29.10% of the total, while Antpool uncovered 1,074 blocks, securing 25.04% of the share. Together, these two pools dominated 54.14% of the total revenue generated in August.
Their substantial computational power allowed them to emerge as key players in the industry, particularly during high-fee periods such as the one seen on August 22 when Babylon initiated staking.
August’s earnings data highlight the intense competition among Bitcoin miners as they navigate the economic challenges posed by the recent halving and reduced hashprice. The influence of major mining pools like Foundry USA and Antpool remains significant, and as market conditions evolve, miners will continue to adapt in the pursuit of profitability.
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