August 2024 proved to be one of the toughest months for Bitcoin miners in recent history. According to QGame, the sector saw a sharp decline in earnings, with a $99.75 million reduction in revenue and a $4.14 million drop in on-chain fees. These numbers mark the lowest point for Bitcoin mining earnings since September 2023. This downturn highlights the persistent challenges faced by miners and raises important questions about the future of crypto mining as market conditions continue to fluctuate.
https://x.com/Qgame2024/status/1830455708170731704#Bitcoin #CryptoMining #MiningRevenue #CryptoMarket
Bitcoin miners earned tons of profit when there was a Bitcoin Ordinals spam attack. Now there is no attack and also the price of Bitcoin is low, so mining is unprofitable. At the moment, it's like sea tourism. Sea tourism is very profitable during the summer, so profitable that the money collected in three months is enough for families for the rest of the year.
I think that low transaction fees and unprofitable mining with the already happened halving, will push Bitcoin's price and we will reach a new ATH soon to make mining profitable again.
The only thing that matters is the hashrate not what some random account on twitter thinks miners are earning from their operation and whether it is "tough" or "challenging" for them. As we can see the hashrate chart shows a healthy overall rise this year as well as in the long term (like the 3 year link below), and with similar ups and downs on the way up.
That's true but the profitability of mining still matters. Miners might run their miners and be in loss but that can't continue for a long time. The price of the coin has to rise in order to make mining profitable again or many miners will shut down their miners, which is not good for everyone.