Recent data from Bitbo, a BTC on-chain analysis platform, reveals a significant decline in revenue generation for bitcoin miners in August 2024. Compared to July, where mining activities brought in $927.35 million, August only saw $827 million, marking a more than 10% decrease. This decrease is even more dramatic when considering March 2024’s performance peak, where miners earned over $1.9 billion.
On-chain fees also took a hit in August, with data from The Block showing that network participants received $20.76 million, a considerable drop from July’s total. In April, the blockchain attracted $281 million in transaction fees, showcasing a significant decline in fee revenue against mining income.
In addition to revenue decline, the number of BTC mined in August also saw a slight decrease, dropping from 14,725 in July to 13,843. This decline made August the worst revenue period for miners since September 2023, highlighting the challenges faced by miners in the current market.
Despite the decrease in revenue, the daily confirmed transaction 30-day average peaked in July but saw a decline by the end of August. Moreover, mining difficulty reached an all-time high of 89.47 trillion, showcasing the increasing challenges faced by miners in maintaining profitability.
An interesting trend amidst the revenue decline is the increase in the number of Bitcoin whales. With 283 new wallets holding at least 100 BTC added in the past month, the total number of wallets holding more than 100 BTC has reached 16,120, the highest level in nearly a year and a half. This increase in holding activity contrasts with recent price struggles faced by the trillion-dollar cryptocurrency.
Despite the increase in Bitcoin whale activity, recent price struggles have plagued the cryptocurrency. Data from CoinGecko shows a 1.5% decline in the past 24 hours and a 10% loss over the last seven days. With fluctuations between $57,383 and $64,066, Bitcoin has struggled to maintain its $60,000 support level, indicating a challenging period for the cryptocurrency market.
Overall, the data from August 2024 paints a grim picture for bitcoin miners, with declining revenue, on-chain fees, and mining difficulty. However, the rise in Bitcoin whale activity hints at underlying bullish sentiment in the market, despite the current price struggles faced by the cryptocurrency.
