Bitcoin miners' income has been on a downward trend since the halving event in April 2024. The latest data shows a significant decline in revenue in August.
Decline in Bitcoin Miners' Income
According to the data, Bitcoin miners' income reached its lowest point in a year in August, experiencing a 57% drop from the 2024 peak levels. In March, miners achieved a revenue of $1.93 billion.
August Data Analysis
Data from Bitbo reveals that Bitcoin miners recorded a revenue of $827.56 million in August, a 10.5% decrease from their July revenue of $927.35 million. The last time Bitcoin mining revenue fell to such a low level was in September 2023, when miners earned $727.79 million. The total number of Bitcoin mined also fell: 13,843 BTC in August compared to 14,725 BTC in July.
Possible New Bitcoin Selling Wave
The decline in revenues raises the question of a potential new wave of Bitcoin sales on the market. Although the answer is still unclear, on-chain data analyst Ali reported in a post on X that Bitcoin miners sold 2,655 BTC worth approximately $154 million over the weekend. In the second quarter after the halving, Bitcoin miners were net sellers of BTC, and this trend may resume as miners struggle with falling revenue.
The decline in miners' income and historical data on price declines in September may signal a possible future decrease in Bitcoin prices. Only time will tell if a new wave of sales is coming.
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