Bitcoin (BTC) mining revenues in September reach yearly lows
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Bitcoin (BTC) mining is increasingly competitive, but miners see diminished revenues from fees. September saw the lowest inflows for miners for the whole of 2024, revealing new post-halving challenges. Bitcoin (BTC) miners received close to $816M in block rewards for the month of September, also noting a significant slowdown of fees. Transaction premiums were a successful addition to revenues, reaching up to $1.7B in April. The September revenue crunch affected corporate miners from the US market. Core Scientific, one of the industry leaders, is the only stock on the rise, though without recognizing financial results from Q3. Based on the past 12 months, Core Scientific is also the leader in terms of revenues, reaching $570M. Marathon Digital Holdings (MARA), however, has higher retained earnings of $450M for the past year. Marathon Digital also has the most profitable operating margins, along with Hut 8. Overall, Bitcoin mining revenues affect 24 publicly traded US companies, sending signals to mainstream investors and potential ETF buyers. Bitcoin loses boost from Ordinals and Runes Bitcoin lost the boost fees from inscribing Ordinals and from Runes transfers. The long-awaited Bitcoin DeFi summer did not materialize, and BRC-20 tokens hardly took off. Block fees for faster transactions moved down to levels not seen since Q1 2023, before the introduction of Bitcoin-based tokens. Bitcoin fees from Rune transfers slowed down, affecting the miners revenues. | Source: Dune Analytics The creation of L2 chains and DeFi was also delayed, despite the attempted launches of new projects. The Bitcoin network also switched to only around 14% in Rune fees, with more than 85% covered by regular transaction fees. Runes also failed to take off, with the exception of DOG and a handful of memes, failing to compete with the more active Ethereum and Solana tokens. The diminished block reward set…
Filed under: News - @ October 2, 2024 9:25 am