Bitcoin Miners Take a Hit: $25 Million Hits Yearly Low
Bitcoin miners’ revenue from block rewards and transaction fees has been declining steadily for two weeks, hitting a new low on August 11.
Bitcoin miners earned a total of $25.5 million per day on that date. Miners’ daily revenue hasn’t been this low since October 2023.
With the Bitcoin halving in April, miners’ block rewards were cut in half from 6.25 BTC to 3.125 BTC. As Bitcoin miners expected, daily revenues fell below $3 million for the first time in May.
Bitcoin miners could earn around $65 million per day in the first four months of 2024.
Bear market also hits miners
Bitcoin miners have obtained the necessary financing to continue their operations, even though the rewards have been halved, with the price also rising after the May drop.
However, the pause in Bitcoin's rise, the price decrease, and the increase in mining difficulty have led to a decrease in miners' income.
Leading mining companies such as Marathon Digital and Bitfarms have renewed their equipment before the halving in order to prepare for the competitive environment after the halving and to operate efficiently.
"We continue to change our operating profile significantly with our ongoing fleet renewals and geographic expansions," said Bitfarms CEO Ben Gagnon.
Bitfarms reported a 16 percent decrease in revenue of $42 million in the second quarter of the year compared to the previous year. The company attributed the decrease in revenue to the decrease in block rewards.
Stay tuned for new information $ETH
