Bitcoin Mining Experiences Significant Revenue Decline in August
The month of August marked a challenging period for Bitcoin miners, as their revenues saw a notable decline. According to PortalCripto, the revenue generated from Bitcoin mining dropped to $827 million, representing a decrease of over 10% compared to July's $927.35 million. This downturn is even more pronounced when contrasted with March 2024, during which miners amassed over $1.9 billion at record prices for the digital asset.
Additionally, earnings from on-chain transaction fees also experienced a significant drop, falling by $4.14 million from the previous month and totaling approximately $20.76 million in August. The stark contrast becomes evident considering that transaction fees contributed more than $281 million to mining revenues back in April.
The situation was further exacerbated by the reduction in mined Bitcoins; only 13.843 BTC were mined in August compared to 14.725 BTC in July—marking it as the worst monthly revenue performance since September 2023 when miners earned about $727 million.
Moreover, there was a decline in daily confirmed transactions volume with an average of 594,871 by late August—a fall from its peak of 631,648 at the end of July. Despite these challenges, mining difficulty continued its upward trend, reaching an all-time high of 89.47 trillion compared to July’s figure of 86.87 trillion.
Contrary to this revenue slump is the rise in large investors known as Bitcoin whales who hold at least 100 BTC each; according to Santiment platform data reported by PortalCripto (https://portalcripto.com.br/de/Der-Bitcoin-Mining-verzeichnete-im-August-einen-starken-Umsatzr%C3%BCckgang/), there was an increase of 283 whales bringing their total number up to around 16,120 wallets—the highest count observed within the past eighteen months.
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