Miners’ earnings have fallen to their lowest since last September
In one month, they were down almost $100 million
02.09.2024 - 09:05
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What’s new? In terms of revenue, August was the worst month for bitcoin miners this year. Compared to July, the figure fell by $99,75 million to $851,36 million, which was the lowest mark since September last year. Of that amount, the commission revenue totaled $20,76 million, down by $4,14 million for the month.
What else is known? A total of 4289 blocks were mined during the month. The leading US mining pool Foundry USA mined 1248 blocks, which accounted for 29,10% of the total, while the share of the leading Chinese pool Antpool amounted to 25,04% or 1074 blocks. Thus, the leading pools accounted for 54,14% of the total revenue of miners for the month.
After halving in April this year, the bitcoin price is consolidating in a narrow range and fees are at their lowest levels. In August, the jump in network fees occurred on the 22nd, when the Babylon team launched the mainnet protocol and allowed the first 1000 bitcoins to be staked.
Babylon’s BTC staking protocol is considered one of the most promising projects to scale the blockchain of the first cryptocurrency, Stanford professor David Tse created it and previously raised $70 million from venture-backed crypto firm Paradigm.
Here again, it was Foundry USA and Antpool that benefited the most by processing blocks with high fees as they have significant processing power.
Miner Core Scientific reports an $805 million loss for Q2
Earlier this year, the company successfully restructured and re-entered the Nasdaq
The network hashrate is currently at near record levels (641,15 EH/s), but should the asset’s exchange rate also continue to rise, miners could continue to earn high returns.
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