In August, Bitcoin miners generated just $800 million for mining 13,843 BTC, the lowest monthly revenue since September 2023. This means that the profitability of mining has fallen by more than 10% compared to July, about what informs Іncrypted.
In comparison, miners earned over $927 million in July by mining 14,725 BTC.
If you compare it to March 2024, when Bitcoin reached an all-time high and miners’ income exceeded $2 billion, it can be seen that the profitability of mining has decreased by more than 57%.
The main reasons for this decline include a decrease in the number of transactions, an increase in the difficulty of mining, and the April halving, which reduced the block reward from 6.25 to 3.125 BTC.
Despite the decline in profitability, the largest mining pools, Foundry USA and Antpool, combined for 54.14% of the total revenue in August, amounting to more than $400 million. In particular, Foundry USA obtained 1248 blocks, which is 29.10% of the total, and Antpool – 1074 blocks, which is 25.04%.
It’s worth noting that Foundry USA and Antpool control over 55% of Bitcoin’s hashrate, raising concerns in the cryptocurrency community about the potential risk to Bitcoin’s decentralized nature. With the decrease in the profitability of mining, miners began to look for alternative sources of income, in particular, the rental of computing power to companies in the field of artificial intelligence.
VanEck experts believe that miners can get up to 14 billion dollars a year if they repurpose 20% of their computing power to AI technology. They predict that such a strategy will allow mining companies to receive billions of dollars annually by 2027.
