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
The problem is that market prices have been relatively-stagnant since the last halving. It's the day where Bitcoin is yet to reach a new ATH. For miners to stay in the "profit zone", market prices need to go all the way to the moon. I think the current state of the global economy has prevented Bitcoin from reaching a new ATH. There's not enough money to "keep the ball rolling".
I dunno. If things were "brighter" in the real world, there would be a higher chance for BTC to go all the way to "Mars". Unprofitable mining will result in a lower network hashrate in the long run (effectively undermining Bitcoin's network security). Fingers crossed 2025 will mark the beginning of a new bull market run. We can't predict the future, so lets hope for the best.