July Bitcoin Mining Revenue Plummets to a 2024 Low

The month was particularly challenging for bitcoin miners, as earnings hit their lowest point in 2024.

Bitcoin miners experienced a significant decrease in earnings during July, hitting the lowest point of the year. According to data from btc.com, bitcoin miners earned a total of $951.11 million throughout the month. Out of this amount, only $24.9 million was generated from transaction fees, highlighting the trend of low onchain fees.

July Bitcoin Mining Revenue Drops to 2024 Low

The month of July proved to be particularly challenging for bitcoin miners, as earnings reached their lowest point in 2024. This decline was further exacerbated by the decreasing value of bitcoin’s hashprice, which is an estimation of the value of 1 petahash per second (PH/s) of hashpower.

At the beginning of July, the value of 1 PH/s was approximately $48. However, as the month progressed, this value steadily decreased, reaching $45 by July 31. Notably, the hashprice dropped even lower in the first three days of August, averaging around $43 per PH/s.

Collectively, bitcoin miners earned $951.11 million in July, with $24.9 million being derived from onchain fees. This figure marks a slight decrease compared to June, where miners earned approximately $963.67 million, including $101.25 million from fees. Over the past month, a total of 4,540 blocks were mined, with Foundry USA discovering 1,370 blocks and Antpool finding 1,138. Foundry USA’s hashrate dominated, accounting for roughly 30% of the month’s hashrate, while Antpool contributed 25%.

The decreasing bitcoin mining revenue, coupled with the declining hashprice, is creating a challenging landscape for miners. As these pressures continue to build, the future profitability of the industry remains uncertain. If this downward trend persists, it will be interesting to see how miners adapt or whether they will be able to sustain their operations in an increasingly competitive environment.