The post Bitcoin Miners Struggle with Declining Revenue Post-Halving Event appeared on BitcoinEthereumNews.com.

Bitcoin miners continue to struggle significantly following the fourth halving event, which took place five months ago. The revenue for mining has hit unprecedented lows, creating substantial challenges for miners. Recent data indicates that the daily hashprice has dramatically fallen to $43.81 per PH/s as of September 21. Bitcoin miners face a daunting financial landscape five months post-halving, with record-low revenues causing significant economic strains. The Decline in Mining Revenue Post-Halving Five months after the fourth halving event, Bitcoin miners find themselves navigating an arduous financial environment. The halving has reduced the block subsidy by 3.125 BTC, leading to a significant drop in overall mining revenue. From March to block height 840,000, hashprices stayed between $85 and $115 per PH/s, but the current figure has nosedived to $43.81 per PH/s as of September 21. This drastic decline is attributed to lower block subsidies and minimal onchain fees. Impact on Hashprice and Miner Revenue Examining the figures closely, it’s evident that miners’ earnings have taken a hit. Over the past 24 hours, miners have managed to earn an average of 3.18 BTC, including fees and the block subsidy. High-priority transaction fees remain minimal, costing only 3 satoshis per virtual byte, equating to approximately $0.27. This confluence of a reduced block subsidy and diminutive transaction fees is exerting immense pressure on mining operations. Comparative Monthly Earnings According to data from theblock.co, Bitcoin miners generated $534.91 million in revenue thus far in September, a clear reduction from August’s $851.36 million. With nine days left in September, miners need to generate over $316.45 million to avoid September becoming the worst month of 2024 for mining revenue. This steep decline underscores the ongoing struggles faced by miners in the post-halving landscape. Concerns and Future Outlook Bitcoin miners are at a crucial juncture, facing mounting operational…

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Filed under: News - @ September 21, 2024 9:19 pm