⚡ Bitcoin Miners’ Revenues Hit a 12-Month Low
posted 2 Oct 2024
Bitcoin miners earned approximately $815 million in September 2024, with $801.8 million from block rewards and $13.8 million from transaction fees. This marks the lowest revenue figure in the past year, down nearly threefold from the $2.01 billion peak in March 2024.
Bitcoin miners’ revenues over the past year. Source: Official website of The Block.
Bitcoin miners’ revenues over the past year. Source: Official website of The Block.
This revenue decline is likely tied to the April halving, increased mining difficulty, and Bitcoin's price instability, which has fluctuated between $55,000 and $65,000 recently. As a result, even the larger mining companies are barely breaking even or making modest profits.
The network’s hash rate has been between 600-660 EH/s over the past three months. JPMorgan reports that the average revenue per EH/s for Bitcoin miners in September was around $42,100, down 6% from the previous month, excluding transaction fee income.
Michael Saylor, founder of MicroStrategy, a company with regular Bitcoin investments, recently predicted that almost all Bitcoin will be mined by 2035, potentially driving up prices due to scarcity. However, other estimates suggest mining won’t be completed until 2140.
