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Bitcoin miners face 2024's lowest revenue in September

Bitcoin miners face 2024's lowest revenue in September

GrafaGrafa2024/10/02 05:20
By:Liezl Gambe

Bitcoin (CRYPTO:BTC) miners saw their lowest earnings of 2024 in September, generating $815.7 million from rewards and fees.

This represents a 4.18% decline from August's revenue of $851.36 million, according to data from theblock.co.

The drop occurred despite a slight increase in hashprice, which reflects the expected daily value of Bitcoin’s hashpower.

Out of the total revenue, $801.84 million came from Bitcoin's block reward subsidy, while $13.86 million was earned through transaction fees.

September's transaction fees were the lowest of the year, highlighting the difficulties miners face in staying profitable.

A slight improvement in hashprice provided some relief to miners, starting at $41.38 per petahash per second (PH/s) at the beginning of September and rising to $45.95 by the end of the month.

This uptick in hashpower value helped balance the overall revenue shortfall, though earnings still remained low for the month.

Looking forward to October, miners are cautiously optimistic about a potential rebound.

Historically, October has been a positive month for Bitcoin, with the cryptocurrency posting gains 81.82% of the time since 2013.

Due to this, the month has earned the nickname "Uptober" among investors and miners alike.

Miners are hopeful that this historical trend will hold true, giving them a more profitable period ahead.

However, profitability challenges remain as the industry continues to grapple with fluctuating transaction fees and hashpower value.

At press time, the Bitcoin price was $61,624.77.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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