Bitcoin miners see all-year low revenue in August

Bitcoin mining profit has hit the lowest recorded in 2024 in August. August witnessed a $99.75 million drop in revenue compared to July.

According to the data from The Block, August was the least profitable month for Bitcoin miners. While July recorded $951 million in Bitcoin mining revenue, August saw a $99.75 million reduction in revenue.

$20.76M

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of Bitcoin miners revenue came from on-chain fees

Interestingly, $20.76 million of the total revenue came from on-chain fees. The Block data shows that 4,289 blocks were mined in August. This is $4.14 million less fees collected in contrast to July.

Out of the 4,289 blocks, 1,248 blocks were mined by Foundry USA, which accounted for 29.10%. Antpool, on the other hand, mined 1,074 blocks, which was 25.04% of the total blocks. Bitcoin mining revenue took a hit post the Bitcoin Halving event. However, the concentration by large mining companies shows the tight competition among the miners.

Bitcoin whales holding 100 BTC hit a 17-month high

Despite the considerable drop in Bitcoin mining revenue, Bitcoin whales seem to be growing in number. Santiment data shows that in the last month, Bitcoin whales holding at least 100 BTC have witnessed an addition of 283 wallets.

The data from Santiment also shows that 16,120 wallets hold over 100 BTC. This has pushed the numbers to hit a 17-month high record. Additionally, wallets with at least 10 Bitcoin saw a spike during this period.

The spike in whale accumulation comes amidst the drop in price of Bitcoin. Bitcoin has struggled to sustain its positive trajectory in the past few weeks. CoinGecko data shows that BTC is down by 1.6% in the last 24 hours.

Additionally, the largest cryptocurrency has lost over 10% of its value in the last seven days. In the last seven days, Bitcoin has been hovering in the range of $57,383.55–$64,066.22. However, the ongoing volatility shows that Bitcoin is struggling to sustain its $60,000 support. Santiment’s data shows that whales are considering this dip as buying opportunities to accumulate more coins.