Recent data from bitcoin (BTC) on-chain analysis platform Bitbo paints a grim picture for miners, showing their worst month in nearly a year in terms of revenue generation. The figures reveal that BTC mining activities secured a mere $827 million in August, marking a significant 10% decrease from the previous month’s earnings of $927.35 million. This downward trend becomes even more alarming when compared to the sector’s peak performance in March 2024, where it raked in over $1.9 billion.
Not only did miners experience a decline in revenue, but on-chain fees were also affected. According to data from The Block, network participants received approximately $20.76 million in transaction fees in August, representing a shortfall of $4.14 million from the previous month. This decrease in revenue becomes more substantial when considering that in April, the blockchain attracted over $281 million in transaction fees while mining income stood at $1.5 billion.
In addition to the financial setbacks, the number of BTC mined in August also saw a slight dip, dropping from approximately 14,725 in July to 13,843. This decline has made last month the worst revenue period for miners since September 2023, during which they earned around $727 million. Despite the decrease, the value of Bitcoin has more than doubled since then, currently trading at $58,000.
The daily confirmed transaction 30-day average peaked at nearly 631,648 on July 31 but regressed to 594,871 by the end of August, as reported by Bitbo and Blockchain.com. Furthermore, the month saw a continuous rise in mining difficulty, reaching a record high of 89.47 trillion, up from 86.87 trillion in July.
Interestingly, despite the challenges faced by miners and the cryptocurrency market overall, there has been a noticeable increase in the number of Bitcoin whales. According to crypto analytics platform Santiment, the count of wallets holding at least 100 BTC grew by 283 in the past month, with 16,120 wallets now holding more than 100 BTC, the highest level in nearly a year and a half.
The cryptocurrency market has been volatile, with Bitcoin experiencing a 1.5% decline in the past 24 hours and nearly 10% loss over the last seven days. During this period, its price fluctuated between $57,383 and $64,066, highlighting the challenges it faces in maintaining its $60,000 support level.
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