[Blockchain News] On September 3, BlockBeats reported that the income of Bitcoin miners fell to the lowest point in nearly 12 months in August, mainly affected by the halving event in April. According to Bitbo data, mining revenue in August was approximately $827 million, significantly lower than the peak of nearly $2 billion in March 2024.

The halving event that occurs every four years cuts the Bitcoin reward per block in half, with April’s halving lowering 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.

The JPMorgan report states that the fourth halving event has resulted in reduced daily mining output and revenue opportunities, affecting miners’ profit margins and profitability. Mining volumes at the five publicly traded Bitcoin miners JPMorgan follows fell 28% in the second quarter.

In response to declining revenue, Bitcoin miners are adjusting 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. Market optimism remains, and miners are actively responding to challenges and seeking new growth points.