According to the latest data, bitcoin miners pulled in $815.7 million from rewards and fees in September, marking their lowest earnings month of 2024, with $35.66 million less than August’s haul.
September Slump: Bitcoin Miners See 2024’s Lowest Revenue
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Bitcoin Miners Earn $815.7M in September, Lowest Monthly Total of 2024
September was a tough month for bitcoin miners, who saw their lowest revenue yet in 2024. Numbers from theblock.co’s mining data show that $801.84 million came from Bitcoin’s 3.125 BTC block reward subsidy.
On the fee side, miners gathered $13.86 million throughout the month. Notably, September was the weakest month for fee earnings all year. The combined $815.7 million figure reflected a 4.18% drop from August’s $851.36 million total.
Bitcoin miners saw a modest uptick in hashprice, even though last month’s revenue wasn’t impressive. Hashprice, which reflects the daily expected value of 1 petahash per second (PH/s) of Bitcoin’s hashpower, began Sept. at $41.38 and climbed to $45.95 per PH/s by month’s end.
With October here, miners are likely crossing their fingers for a more profitable month, despite BTC delivering a 7.29% return in Sept. Historically, October, often referred to as ‘Uptober,’ has been a favorable month for BTC, posting positive returns 81.82% of the time since 2013.
What do you think about the revenue bitcoin miners collected in September? Share your thoughts and opinions about this subject in the comments section below.
About the author
WRITTEN BYJamie RedmanNews Lead
Jamie Redman is the News Lead at Bitcoin.com News and a financial technology journalist based in Massachusetts.
