On September 3, Bitcoin miners' revenue in August fell to its lowest point in nearly 12 months, mainly affected by the halving event in April. According to data from Bitcoin monitoring platform Bitbo, mining revenue in August was about $827 million, lower than any month since September 2023 and far below the peak of nearly $2 billion in March 2024.
The halving event, which occurs every four years, cuts the Bitcoin reward per block in half. April’s halving reduced the reward from 6.25 BTC to 3.125 BTC. Since the halving, the number of Bitcoin mined per 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 resulted in a reduction in daily mining output and revenue opportunities, affecting miners’ profit margins and profitability. The five publicly traded Bitcoin miners that JPMorgan followed saw a 28% drop in mining volume in the second quarter.
In response to falling revenues, bitcoin miners are adjusting their business models, with some companies such as Core Scientific, Hive Digital Technologies and Hut 8 investing in artificial intelligence applications, while others such as Bitdeer Technologies Group are improving mining efficiency.
