On-chain analysis shows that Bitcoin miners faced the worst month in the past year in terms of revenue generation.
Drop in Transaction Fee Revenue
According to Bitbo, Bitcoin mining revenues in August 2024 amounted to $827 million, over 10% lower than July. This also represents a 57% drop from March, when revenues peaked at $1.9 billion amid a record price of $73,500. On-chain fees also fell to $20.76 million, $4.14 million less than in July. In April, fee revenues exceeded $281 million.
Increase in Bitcoin Whales
Despite the drop in revenue, the number of large Bitcoin holders (whales) increased significantly. According to Santiment, the number of wallets holding at least 100 BTC grew by 283 in the past month, reaching 16,120. This is the highest level in nearly a year and a half.
Current Market Situation
The average daily confirmed transaction volume fell from 631,648 in July to 594,871 by the end of August. Mining difficulty continues to rise, reaching an all-time high of 89.47 trillion by August. Meanwhile, Bitcoin's price fluctuated between $57,383 and $64,066, losing about 10% of its value over the past seven days.
August 2024 was a tough month for Bitcoin miners, with declining revenues and increasing mining difficulty, despite the rise in large Bitcoin holders. The market continues to experience price fluctuations and tensions.
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