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.
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