- Bitcoin Mining Revenue in August
- Miners' Revenue from Fees
- Increase in Large Bitcoin Holders
Bitcoin mining profit in August 2024 reached a record low, leading to a significant reduction in revenue compared to the previous month.
Bitcoin Mining Revenue in August
According to The Block data, August was the least profitable month for Bitcoin miners. While July recorded $951 million in Bitcoin mining revenue, August saw a $99.75 million reduction.
Miners' Revenue from Fees
Interestingly, $20.76 million of the total revenue came from on-chain fees. The Block data shows that 4,289 blocks were mined in August, which is $4.14 million less in fees compared to July. Out of the total blocks, 1,248 blocks were mined by Foundry USA, accounting for 29.10%. Antpool, on the other hand, mined 1,074 blocks, making up 25.04% of the total.
Increase in Large Bitcoin Holders
Despite the significant drop in mining revenue, the number of Bitcoin whales continues to grow. Santiment data shows that in the last month, Bitcoin whales holding at least 100 BTC saw an increase of 283 wallets. This brought the total number of such wallets to 16,120, a 17-month high. Additionally, there was a rise in wallets holding at least 10 BTC.
The decrease in mining revenue and the increase in the number of whales indicate a complex situation in the Bitcoin market. Despite the drop in prices, large investors continue to accumulate cryptocurrency, seeing long-term opportunities.
