Bitcoin miners have lowest earnings in 11 months

Rising difficulty and halved Bitcoin strain mining industry: The last time revenues were this low was 11 months ago, in August.

Rising difficulty and halved Bitcoin strain mining industry: The last time revenues were this low was 11 months ago, in August.

Bitcoin miners report in August the lowest revenue since September 2023. Revenues totaled "only" $827 million. By comparison, in the previous month the industry still generated $927 million, a ten percent difference.

Still, miners could increase revenues by five percent from August 2023.

Since September 2023 - when the Bitcoin price was around $25,000 - BTC has risen to a peak of $73,500. At the time of writing, the leading cryptocurrency is listed at $57,500, a price increase of more than 100%.

However, the amount of BTC mined has been reduced by half since the end of April. The so-called Halving causes an automatic halving of the block subsidy every 210,000 blocks.

At the same time, the Mining Difficulty (difficulty level) increased significantly and even reached a record high in August.

This means: The higher the difficulty level, the more computing power companies have to expend to mine BTC, resulting in a drop in revenue.

For Marathon, however, the company still seems to be doing well: Recently announced the company adopted a bullish Full-Hodl strategy along the lines of Michael Saylor, as well as a large $100 million BTC buyback.