Bitcoin miners made the lowest revenues in August since September 2023 as the network’s mining difficulty peaked at the highest it has ever been on August 31.
August marked the worst month in revenues for Bitcoin miners this year and since September 2023. They mined a total of $827.56 million last month following a trend of reducing mining rewards since April’s halving event that reduced block rewards to 3.125 BTC. August’s revenues saw a 10.5% reduction from July when miners netted $927.35 million. However, the rewards were up 5% from August 2023 due to the slump the crypto market and BTC found themselves in.
Nevertheless, to keep with BTC’s better price action this year, the August revenues declined by 53% compared to the network offered to miners in March 2024, when it netted them $1.3 billion. It was also when BTC’s price reached its new all-time high (ATH) this year, [continue reading at link, below].
Source: Live Bitcoin News.
