Bitcoin miners' income has been on a downward trend since the halving event in April and continues to decline.
According to the data, miners recorded their lowest monthly income in a year in August, experiencing a massive 57% drop in revenue from their 2024 peak.
Miners peaked in March with revenues of $1.93 billion.
According to data released by Bitbo, BTC miners recorded a revenue of $827.56 million in August, a 10.5% decrease from their revenue of $927.35 million in July.
The last time BTC mining revenue fell to such a low level was in September 2023, when miners earned $727.79 million.
While revenue fell in proportion to the number of BTC mined, the total number of Bitcoin mined during August also fell to 13,843 BTC, down from 14,725 BTC mined in July, according to the data.
Is a New Bitcoin Selling Wave Coming?
The decline in revenues raises the question of whether the market is preparing for another major sell-off in the future. Although the answer to the question is not yet clear, on-chain data analyst Ali stated in a post from his X account that Bitcoin miners sold 2,655 BTC worth approximately $154 million over the weekend.
In the second quarter after the halving, Bitcoin miners were net sellers of BTC to cover their operational costs, and now, as miners continue to struggle with falling revenue, a BTC selling frenzy may begin once again.
Analysts also pointed out that according to historical data, Bitcoin was in a downward trend in September, adding that “this historical trend could trigger another price decline with miner sales.”
#Bitcoin miners sold 2,655 $BTC over the weekend, worth around $154 million! pic.twitter.com/8VXDETcDdf
— Ali (@ali_charts) September 2, 2024
*This is not investment advice.
