Bitcoin Miners' Revenue Declines as Prices Fall and Network Hashrate Climbs
CryptoNewsTerminal Staff11 Sep, 2024
Bitcoin Miners' Revenue Declines as Prices Fall and Network Hashrate Climbs
Bitcoin Miners Face Challenges Amid Falling Prices and Rising Hashrate According to a report by investment bank Jefferies, Bitcoin miners experienced an 11.8% drop in average daily revenue per exahash per second in August compared to the previous month. This decline is primarily attributed to a greater than 4% decrease in the average Bitcoin price and a 2.7% surge in average network hashrate. Furthermore, September is expected to pose additional challenges for miners due to Bitcoin trading below $60,000 and the continued rise in network hashrate. However, it is worth noting that large-scale miners have witnessed an improvement in their uptime, thanks to reduced extreme heat conditions this summer. Marathon Digital (MARA) recorded an uptime of 88% in August, a significant increase compared to 75% in the same period last year.
