In July, bitcoin miners earned $951.11 million, marking the bottom month-to-month income of the yr. Out of this whole, $24.9 million was generated from transaction charges, reflecting a pattern of low onchain charges.
July Bitcoin Mining Income Plummets to a 2024 Low
The month was significantly difficult for bitcoin miners, as earnings hit their lowest level in 2024. Moreover, the worth of Bitcoin’s hashprice, or the estimated price of 1 petahash per second (PH/s) of hashpower, decreased as July progressed. At first of the month, the worth of 1 PH/s was roughly $48, however by July 31, it had declined to $45. Within the first three days of August, the hashprice dropped additional to round $43 per PH/s.
Bitcoin miners collectively earned $951.11 million in July, with $24.9 million derived from onchain charges. This determine is about $12 million lower than what miners earned in June, the place they amassed roughly $963.67 million, together with $101.25 million from charges. Over the previous month, 4,540 blocks had been mined, with Foundry USA discovering 1,370 blocks and Antpool discovering 1,138. Foundry USA accounted for roughly 30% of the month’s hashrate, whereas Antpool contributed 25%.
The decline in bitcoin mining income, underscored by the falling hashprice, is making a difficult surroundings for miners. As these pressures improve, the trade’s future profitability stays unsure. If this downward pattern continues, it stays to be seen how miners will adapt or whether or not they are going to have the ability to maintain their operations in an more and more aggressive panorama.
