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
Why do you care about this data? Are you a Bitcoin miner? I'm sure that the miners are going to survive this period of low revenue.
Even if some of the miners quit mining BTC, the mining difficulty will be adjusted, so there's no threat to the blockchain.
This seems like FUD news to me. 99 million seems like a really small amount to me. There's no need of such drama. The miners will keep mining, the bull run in 2025 is about to be big, so they will recover their temporary losses. Every business goes thru ups and down. The cryptocurrency miners aren't any different than any other company.