In August, #Bitcoin miners saw a significant drop in revenues, recording their lowest monthly earnings in a year. The profitability of $BTC miners has been on a downward trend since the halving event in April this year.

As Bitcoin miners face increasing pressure from falling revenues, the possibility of a new sell-off is also increasing.

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In the last month of August, #btc miners recorded revenues of $827.56 million, down 10.5% from July's revenues of $927.35 million. However, Bitbo data shows that miner revenues are up 5% from August 2023.

By the close of August, Bitcoin mining revenue had fallen by a staggering 57% from its 2024 peak of $1.93 billion in March, just before the Bitcoin halving.

It was also the same month that Bitcoin reached an all-time high of $73,500.

The last time BTC mining revenue fell this low was in September 2023, when they earned $727.79 million. During August, the total number of Bitcoin mined also fell to 13,843 BTC, down from the 14,725 BTC mined in July.

The Bitcoin halving significantly increased mining difficulty, reducing miner rewards by 50% to 3,125 BTC. This, combined with the drop in BTC transaction volumes, made things even worse for miners.