Metrics reveal that although BTC prices climbed 6.97% in September, Bitcoin’s hashprice—the anticipated daily revenue from 1 petahash per second (PH/s)—remains ultra-low. This suggests that miners are still dealing with extremely thin profits. With just nine days left in the month, miners have already earned a hair over 62% of what they brought in during August but they need to generate another $316.45 million to outpace last month’s earnings.
The 5 Month Halving Hangover: Bitcoin Miners Continue to Face Revenue Struggles
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Bitcoin Miners Earn 62% of August’s Total with Nine Days Left in September
Bitcoin miners are still feeling the aftereffects of the fourth halving event, even though it happened five months ago. Since then, mining revenue has plunged to record lows. For example, from March through block height 840,000, the network’s hashprice hovered between $85 and $115 per PH/s. During this period, miners were earning more from onchain fees, and the block subsidy was 3.125 BTC higher.
According to recent data, miners have been earning an average of 3.18 BTC over the past 24 hours, combining both fees and the subsidy. The daily hashprice is $43.81 per PH/s on Sept. 21. Onchain fees are currently minimal, with a high-priority transaction costing just 3 satoshis per virtual byte (sat/vB), or about $0.27 as of 2:25 p.m. EDT on Sept. 21. The combination of a halved block subsidy and tiny onchain fees is putting mining participants in a tight spot.
At present, data from theblock.co reveals that bitcoin miners have generated $534.91 million in revenue so far this September, with nine days left still remaining. That accounts for 62.83% of the $851.36 million recorded in August, which was already the lowest earnings of the year for miners. If they can’t rake in more than $316.45 million over the next nine days, September will claim the title of 2024’s worst month for mining revenue.
What do you think about the dwindling mining revenue miners are facing today? Share your thoughts and opinions about this subject in the comments section below.
