Bitcoin Miner Revenue Plunges to New Yearly Low
CryptoNewsTerminal Staff12 Aug, 2024
Bitcoin Miner Revenue Plunges to New Yearly Low
Bitcoin miner revenue has fallen to a new yearly low of $2.54 million, according to data from CoinTelegraph. This represents a significant decline from the peak of $11.2 million in November 2023. The decline in revenue is attributed to a combination of factors, including the falling price of Bitcoin, increased mining difficulty, and rising energy costs. The low revenue is also due to the halving of the Bitcoin block reward in May 2024, which has effectively reduced the incentive for miners to mine Bitcoin. The slump in miner revenue has raised concerns about the long-term viability of Bitcoin mining. Some miners have been forced to sell their equipment or close down their operations altogether. However, others remain optimistic, believing that the Bitcoin market will eventually recover and miner revenue will improve.
