Bitcoin mining revenue hits 11-month low as difficulty rises

Bitcoin mining companies reported their lowest profits in 11 months last month. Data from Bitbo showed that 100% of coins mined in August
The number of bitcoin miners fell, and the data showed that bitcoin miners recorded their lowest revenue since September 2023. Mining revenue for August 2024 was $827.56 million (about 12.1 billion
Revenues were $927.35 million in July, down 10.5% from $927.35 million in July. This is the lowest revenue since September 2023, but it was up 5% compared to August 2023.
The August revenue was approximately 1.93 billion yen, the amount miners earned when Bitcoin hit an all-time high of $73,500 in March of this year.
This is a 57% decrease from the $20,000 (approximately 282.1 billion yen) that was generated in August. Bitcoin mined in August was 13,843 BTC, down slightly from 14,725 BTC in July.
The decline in profits is due to a decrease in transaction volume and an increase in mining difficulty, especially after Bitcoin's halving in April, which reduced mining rewards by 50%, putting a strain on miners.
According to data from Bitbo and Blockchain.com, the intermediary fee from the block reward was 2% as of August, and the 30-day average of daily confirmed trading volume was 3.3% as of July.
After hitting a year-high of 631,648 on the first day, it dropped to 594,871 on August 31. Bitcoin mining difficulty dropped from 86.87 trillion in July to 89.47 trillion in August.
As mining difficulty increases and mining profitability decreases, some miners are turning to providing computing power to artificial intelligence (AI).
They have generated revenue through these investments, which in some cases have led to billion-dollar contracts.