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Bitcoin miners generate US$1B in August
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Bitcoin miners generate US$1B in August

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  • Bitcoin (CRYPTO:BTC) miners generated US$1.008 billion in August, according to Newhedge.io data.
  • Block rewards contributed US$1.001 billion, while transaction fees added US$7.1 million.
  • Mining conditions improved as Bitcoin rose 24.95% during August, but the 2024 halving continues to pressure revenue.

Bitcoin (CRYPTO:BTC) miners generated US$1.008 billion in August, marking their strongest monthly revenue since May, according to Newhedge.io data.

Block rewards accounted for US$1.001 billion of the total, while transaction fees contributed US$7.1 million during the month.

The Bitcoin price rose 24.95% in August, while mining hashprice reached about US$38.86 per petahash per second, according to the report.

Bitcoin's network hashrate remained above 900 exahashes per second, while miners held about 1.92 million BTC during the period.

Miner outflows included spikes above 15,000 BTC early in August, followed by another 12,000 BTC transfer around August 24, according to Newhedge.io data.

Mining revenue and hashprice remain below levels recorded before the 2024 halving, which reduced the block subsidy available to miners.

The report said some large mining operators are also moving towards artificial intelligence and high-performance computing infrastructure as they prepare for the next Bitcoin halving in 2028.

At the time of reporting, Bitcoin price was $77,135.98.

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