According to TechFlow, on August 12, Cointelegraph reported that Bitcoin miners' income fell to a new low of the year yesterday, at only $2.54 million, a figure that was last seen in October 2023. This downward trend has continued for two weeks, mainly affected by the reduction in block rewards and transaction fees.

The Bitcoin halving event on April 20 reduced mining rewards from 6.25 BTC to 3.125 BTC, causing a sharp drop in revenue. In May, daily mining revenue fell below $3 million for the first time, while in the first four months of 2024, daily revenue averaged about $6 million.

The main reasons for the decline in revenue include the ongoing bear market, falling Bitcoin market prices, increased network difficulty and the resulting liquidation pressure.