Bitcoin Miners Suffer Lowest Monthly Revenue Since September 2023 As BTC Falls Below $58K And An Analyst Predicts October Breakout
Bitcoin miners recorded their lowest revenue generating month since September 2023 in August as the leading crypto drops below $58K and an analyst predicts BTC will “breakout” in October. Collectively, miners achieved a revenue of $827.56 million in August. This marked a 10.5% drop from the previous month’s $927.35 million, according to Bitbo data. Bitcoin Miners’ Monthly Revenue Falls 57% Since BTC Set Its ATH In March August’s revenue is also a 57% drop from this year’s peak of $1.93 billion, which was set in March when BTC established a new all-time high of more than $73,500. Since September, BTC’s price has more than doubled. Despite this surge in the leading crypto’s price, miners continue to feel the effects of the April 2024 halving event. Other factors that are putting stress on miners are the drop in the number of transactions on the Bitcoin network and the spike in mining difficulty. Mining difficulty hi...