Recent data from Bitbo reveals that Bitcoin miners experienced their worst month in almost a year in terms of revenue generation. In August, BTC mining activities only brought in $827 million, marking a significant decline of over 10% from the previous month’s earnings of $927.35 million. This decrease is even more pronounced when compared to the peak performance in March 2024, when miners earned over $1.9 billion.
In addition to the decline in revenue, on-chain fees also took a hit in August. The Block reported that network participants received approximately $20.76 million, which is $4.14 million less than what was recorded in July. This is a stark difference from April when the blockchain attracted over $281 million in transaction fees alongside mining income of $1.5 billion.
The number of BTC mined in August also saw a slight decrease, dropping from around 14,725 in July to 13,843. This downturn has made last month the worst period for miners in terms of revenue since September 2023, when earnings were approximately $727 million. Despite the increase in value, with Bitcoin trading at $58,000 at the time of this analysis, miners are struggling to maintain previous revenue levels.
The daily confirmed transaction 30-day average peaked at nearly 631,648 on July 31 but fell to 594,871 by the end of August. This decline in transaction volume, coupled with the increase in mining difficulty to an all-time high of 89.47 trillion, paints a bleak picture for Bitcoin miners in the current market.
Despite the challenges faced by Bitcoin miners, there has been a noticeable increase in the number of Bitcoin whales holding at least 100 BTC. Crypto analytics platform Santiment reported a growth of 283 wallets holding over 100 BTC in the past month. This brings the total number of wallets with more than 100 BTC to 16,120, the highest level in almost a year and a half.
The recent performance of Bitcoin in the market has been underwhelming, with the asset losing 1.5% in the past 24 hours and nearly 10% over the last seven days. The price has fluctuated between $57,383 and $64,066, struggling to maintain the $60,000 support level. This volatility, coupled with the decline in mining revenue and transaction volume, highlights the challenges faced by Bitcoin miners in the current economic landscape.
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