• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

August 2024: Bitcoin miners' revenue significantly declines

user avatar

by Giorgi Kostiuk

a year ago

  1. Revenue decline for Bitcoin miners
  2. Decrease in transaction fees
  3. Competition among mining pools


    4. August 2024 marked a tough month for Bitcoin miners as their revenue hit the lowest point since September 2023. According to data, revenue dropped by $99.75 million compared to July, totaling $851.36 million.

    Revenue decline for Bitcoin miners

    The significant decline was mainly due to the reduction in transaction fees and the April 2024 halving, which decreased block rewards, making mining less profitable.

    Decrease in transaction fees

    Transaction fees fell by $4.14 million in August compared to the previous month, contributing to the overall revenue decline and making operations more challenging for miners.

    Competition among mining pools

    Miners managed to mine 4,289 blocks between blocks 855,014 and 859,303. Foundry USA and Antpool claimed the majority of the revenue, with Foundry USA mining 1,248 blocks (29.10%) and Antpool 1,074 blocks (25.04%), highlighting intense competition and concentration of mining power among top pools.

    August 2024 will be remembered as a challenging month for Bitcoin miners, facing significant financial difficulties that could impact the industry's future development.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

OZAK AI Token Gains Traction Ahead of Major Exchange Listing

chest

The OZAK AI token is gaining attention as it approaches a potential listing on major exchanges like Binance, with presale price increasing from 0.0001 to 0.0014 and potential returns of up to 6,900%.

user avatarAisha Farooq

Binance Coin Loses Ground as Market Capitalization Drops

chest

Binance Coin's market capitalization has fallen significantly, losing its position as a top cryptocurrency.

user avatarLi Weicheng

The Dangers of Relying on Headline ESG Scores

chest

Headline ESG scores provided by agencies can be misleading and insufficient for investors.

user avatarLeo van der Veen

Ethereum Launches $2 Million Bug Bounty for Fusaka Upgrade

chest

Ethereum community initiates a $2 million bug bounty for security improvements during the Fusaka upgrade.

user avatarTenzin Dorje

Strategic Deployment of Savings for Investment Growth

chest

Strategic deployment of accumulated capital is essential for transitioning from stored cash to productive investments.

user avatarRajesh Kumar

Declining Mempool Activity Raises Concerns for Bitcoin Demand

chest

Declining mempool activity raises concerns for Bitcoin demand as pending transactions drop significantly, indicating weak demand and low on-chain activity.

user avatarBayarjavkhlan Ganbaatar

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.