Bitcoin Miners’ Revenue Falls Amid Rising Hashrate and Difficulty

• Bitcoin miners’ revenue fell in August 2024 compared to July 2024, according to data from Bitbo. 
• The revenue for August 2024 was around 5% greater than the revenue for August 2023. 
• Bitcoin mining hashrate continues growing, reaching 667,144,833.765 TH/s on July 27, 2024.

Cryptocurrency mining was once termed one of the most profitable sub-categories of digital assets, but the surging hashrate has overturned the profits. 

According to recent data from Bitbo, the revenue generated by miners fell more than 10% in August 2024, reaching $827.56 Million. However, in July 2024, miners collectively generated $927.35 Million.  

The data additionally adds that the revenue of August 2024 is around 5% greater than the revenue in August 2023. 

The revenue generated in the past months is termed as one of the lowest reported revenue since they earned $727.79 million over September 2023, with Bitcoin tumbling below the mark of $26k in the same month.

In the past six months, the Bitcoin mining hashrate grew, reaching 667,144,833.765 TH/s on July 27, 2024. 

Blockchain(dot)com data states that the BTC  hashrate in August 2024 mirrored new heights, resulting in surged mining difficulty and ultimately in less revenue from mining. 

Despite less mining revenue and falling Bitcoin prices, the total number of whale holdings surged in the past three months. 

The approval of BTC spot ETF earlier this year has significantly backed positive sentiments among Bitcoin and cryptocurrency enthusiasts and investors.

Coinglass data states that GBTC ETF is constantly bleeding as it saw an outflow of -1.18k in BTC followed by ARKB -1.10k, BITB saw an outflow of 276.45 BTC, and FBTC with 217.45. 

From August 27, 2024, till August 30, BTC ETFs in the United States market continued to bleed. BlackRock BTC spot ETF (IBIT) is constantly boosting its Bitcoin holdings. Recently, it surpassed GBTC BTC ETF and now holds 357.51k BTC. 

Crypto Market Price Update

When writing, the cryptocurrency market capitalization was at $1.98 Trillion, with a weekly decline of more than 10%. However, the market capitalization grew by 23.42% YTD and 93.58% in the past 52 weeks. 

The press time market cap was below 20, 50, 100, and 200 days EMA (exponential moving average). 

In the past 48 hours, Bitcoin lost more than 3% of its trading price, reaching $57,708. Since the past few months, its prices have constantly been struggling below $65k. However, it attained its all-time high in March 2024.    

On August 26, 2024, the bears took control over the bulls, dragging the Bitcoin price 8.3% till August 28, 2024. On September 1, 2024, its price lost $1022, reaching below the mark of $58k. 

Major intraday gainers include Dogs, which lost more than 14%, reaching $0.00108, followed by Floki Inu 5.75%, reaching $0.0001172. Helium (HNT) token price surged 4.45% in the past 24 hours, followed by Monera (XMR) 2.04%. 

However, Monera and Helium are also the topper of the weekly gainers list after adding 4.43% and 16.31%.