In August 2024 , global Bitcoin miners ushered in the most challenging month of 2024. According to data from The Block, the total revenue of Bitcoin miners fell to $851.36 million in August, a new low this year, a decrease of $99.75 million from July, showing the continued expansion of miners' pressure.
Overall market weakness affects miners' earnings
We know that Bitcoin miners' income mainly comes from block subsidies and on-chain transaction fees. Data shows that on-chain fee income in August was US$20.76 million, a decrease of US$4.14 million from July.
In August, Bitcoin miners mined a total of 4,289 blocks, with block heights ranging from 855014 to 859303. However, the overall weakness of the market, especially the fluctuation of Bitcoin prices, further affected the profitability of miners.
Among these blocks, the two major mining pools Foundry USA and Antpool performed most prominently. Foundry USA mined 1,248 blocks, accounting for 29.10%; Antpool mined 1,074 blocks, accounting for 25.04%. These two mining pools together accounted for 54.14% of the total revenue in August, mainly due to the on-chain staking of Babylon on August 22.
Extended reading: What is the Bitcoin staking protocol Babylon? Three major features, potential and challenges, how to ensure security
Analyst: BTC enters bear market stage again
Julio Moreno, director of research at CryptoQuant, recently shared a Bitcoin chart on the
Analysis shows that $56,000 is a key support level, and a failure of the price to hold this level may trigger a deeper pullback, further exacerbating investors' concerns about recent market turmoil.
Bitcoin miners face many challenges ahead
With Bitcoin miner earnings hitting new lows in August, the market has become more cautious about the outlook for the coming months. Although the global encryption market continues to develop and technological innovation continues, Bitcoin price fluctuations, reduced online transaction activity, and intensified market competition still bring significant pressure to miners.
If the price of Bitcoin cannot recover in the short term, miners' profits may decline further, posing a greater challenge to small miners. Some small miners may exit the market due to continued low returns, causing large mining pools to further consolidate their market positions.
