Bitcoin miners endured their most challenging month of 2024 in August, recording their lowest revenue since September 2023. On-chain fees also dropped significantly, falling by $4.14 million compared to July, setting a new low since last year.
August’s Bitcoin mining revenue totaled $851.36 million, a significant decline of $99.75 million from July. Of this, $20.76 million was generated from on-chain fees, reflecting the ongoing impact of the Bitcoin halving, which has kept hash prices low and on-chain participants paying fewer fees.
Between block heights 855,014 and 859,303, miners produced 4,289 blocks. Foundry USA and Antpool, the two largest mining pools, secured 54.14% of the total revenue. Foundry USA mined 1,248 blocks, accounting for 29.10% of the total, while Antpool mined 1,074 blocks, capturing a 25.04% share.
Miners saw a temporary boost in revenue on August 22 when Babylon launched staking, leading to higher fees for some blocks. Foundry and Antpool were among the biggest beneficiaries due to their substantial computing power.
August’s revenue decline underscores the fierce competition in the Bitcoin mining industry, as miners face economic challenges from lower hash prices and reduced fees. However, if hash prices increase alongside heightened activity, miners could potentially see greater profits, reshaping the dynamics of the mining ecosystem.
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