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Bitcoin mining revenues have dropped to their lowest monthly figure of 2024, marking a challenging period for miners as they navigate a landscape marked by declining profits and increased competition. In July, <a href="https://ultramining.com/news/en/russias-bitcoin-gold-rush-mining-machine-influx-outpaces-rest-of-the-world/">Bitcoin miners</a> earned a total of $951.11 million, the lowest monthly earnings so far this year. This included $24.9 million from on-chain transaction fees, reflecting a continuing trend of low transaction fees within the Bitcoin network. 
The decline in revenue is part of a broader trend affecting Bitcoin miners. The estimated value of one petahash per second (PH/s) of hash power, known as <a href="https://ultramining.com/news/en/bitcoins-rebound-above-30k-boosts-hashprice-a-4-leap-in-24-hours/">hashprice</a>, has been falling steadily throughout July. At the beginning of the month, the hashprice was approximately $48 per PH/s, but by the end of July, it had decreased to $45. The decline continued into August, with the hashprice dropping further to around $43 per PH/s in the first three days. 
Overall, Bitcoin miners generated $951.11 million in revenue in July, with $24.9 million coming from on-chain fees. This figure represents a decrease of about $12 million compared to June when miners earned approximately $963.67 million, including $101.25 million from transaction fees. During July, a total of 4,540 blocks were mined, with <a href="https://ultramining.com/en/ratings/foundry/">Foundry</a> USA discovering 1,370 blocks and Antpool finding 1,138. Foundry USA contributed about 30% of the month’s <a href="https://ultramining.com/news/en/bitcoin-miners-set-for-a-tough-ride-as-2024-halving-nears-jp-morgan/">hash rate</a>, while Antpool accounted for 25%. 
The significant drop in Bitcoin mining revenue underscores the challenges facing miners as they grapple with the declining hashprice and reduced fees. As these pressures mount, the future profitability of the industry remains uncertain. If this downward trend continues, it's unclear how miners will adapt or whether they will be able to sustain their operations in an increasingly competitive environment.

Year’s Worst Month for Bitcoin Miners: Revenues Sink Amid Hashrate Struggles

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