Mining revenues hit 12-month lows in August, according to Bitbo.
Bitcoin (BTC) miners saw mining revenues dwindle to 12-month lows as the Bitcoin network’s April halving continues to erode mining output and, in turn, revenues, according to data from Bitbo, a Bitcoin dashboard.
Monthly BTC mining revenues declined to approximately $827 million in August 2024, according to Bitbo. That’s lower than any month since September 2023 and far below pre-halving peaks of almost $2 billion in March 2024.
Roughly every four years, a halving event hardcoded into the Bitcoin network cuts the number of BTC mined per block in half. The April halving reduced mining rewards from 6.25 BTC to 3.125 BTC per block.
