We estimate bitcoin miners earned an average of $43,600 per EH/s in daily block reward revenue in August, the lowest point on record. This stark contrast to peak earnings of $342,000 in November 2021 highlights the ongoing challenges miners are facing due to increased competition and market conditions.
The total market cap of the 14 U.S.-listed miners shrank 15% month-on-month to $20 billion. This decline is attributed to the falling prices of bitcoin and heightened mining difficulty, with most miners struggling to keep pace with the changes in the market dynamics.
With the network hashrate averaging 631 EH/s in August and rising mining difficulty, the competitive landscape for bitcoin miners is growing tougher. These shifts in hashrate and difficulty indicate a more challenging environment for profitability among bitcoin miners.
There was a brief spike in transaction fees in August, which reached as high as 120% of the block reward, providing some incremental positivity for miners. However, overall conditions remain unfavorable as they navigate low profitability and increased operational challenges.
[
Collection
]
[
|
...
]