Bitcoin Miners Record Year-Round Low Revenues in August
According to Cryptopolitan, Bitcoin miners experienced their least profitable month of 2024 this past August. The total revenue for the month was $851 million, which is a significant drop of $99.75 million compared to July's earnings.
Data from The Block reveals that out of the total revenue, $20.76 million came from on-chain fees. In August alone, 4,289 blocks were mined—1,248 by Foundry USA and 1,074 by Antpool—indicating intense competition among major mining companies following the recent Bitcoin halving event.
Despite these financial setbacks for miners, Santiment reports an increase in so-called "Bitcoin whales," or wallets holding at least 100 BTC. There has been an addition of 283 such wallets over the last month, bringing the total number to a new high not seen in 17 months.
This surge comes amid ongoing volatility in Bitcoin prices; CoinGecko notes that BTC fell by about 10% over seven days recently and struggled to maintain its support level around $60,000 USD.
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