Bitcoin miners' earnings fell to a 12-month low in August 2024, mainly affected by the April halving event. According to bitcoin monitoring platform Bitbo, mining revenues in August were around $827 million, lower than any month since September 2023 and well below the peak of nearly $2 billion in March 2024.
The halving event, which occurs every four years, halves the bitcoin reward per block. The April halving reduced the reward from 6.25 BTC to 3.125 BTC. Since the halving, the number of bitcoins mined each month has steadily declined, from a high of 347,000 BTC in May 2011 to less than 14,000 BTC in August.
JPMorgan's report noted that the fourth bitcoin halving event led to a reduction in daily mining output and revenue opportunities, affecting miners' profit margins and profitability. Mining volumes at the five listed bitcoin miners JPMorgan follows fell by 28% in the second quarter.
In response to declining revenue, bitcoin miners are making positive justifications for their business models. Some companies such as Core Scientific, Hive Digital Technologies, and Hut 8 are investing in artificial intelligence applications, while others such as Bitdeer Technologies Group are improving mining efficiency. Bitdeer reported that its gross profit for the second quarter of 2024 increased by about 50% year-on-year.
The income of bitcoin miners fell to a 12-month low in August
2024-09-02 22:24:28
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