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On August 11, 2024, <a href="https://ultramining.com/news/en/russias-bitcoin-gold-rush-mining-machine-influx-outpaces-rest-of-the-world/" rel="noopener noreferrer nofollow">Bitcoin miners</a> recorded their lowest daily revenue of the year, earning just $2.54 million. This marks a significant drop from earlier in the year when miners were earning roughly $6 million per day in the first four months of 2024. The decline is attributed to a combination of factors, including the Bitcoin <a href="https://ultramining.com/news/en/heat-waves-and-halving-bitcoin-miners-cash-in-amid-rising-prices/" rel="noopener noreferrer nofollow">halving</a> event in April, which reduced mining rewards from 6.25 BTC to 3.125 BTC, a prolonged bear market, increased network difficulty, and the resultant liquidations, according to <a href="https://cointelegraph.com/news/bitcoin-mining-revenue-decline-yearly-low-august-2024" rel="noopener noreferrer nofollow">Cointelegraph</a>.
The halving event had been anticipated by the mining community, leading to strategic overhauls in operations. For instance, major Bitcoin mining firms like <a href="https://ultramining.com/news/en/bitfarms-set-to-boost-mining-capacity-with-quebec-expansion/" rel="noopener noreferrer nofollow">Bitfarms</a> preemptively upgraded their <a href="https://ultramining.com/news/en/immersion-cooling-transforms-chinas-crypto-mining-landscape/" rel="noopener noreferrer nofollow">mining equipment</a> to maintain profitability amidst these challenges. Despite the decrease in total revenue, some companies managed to stay afloat. Bitfarms, for example, saw a nearly 22% surge in its stock price following better-than-expected second-quarter earnings, despite a 16% drop in total revenue from the first quarter, totaling $42 million.
However, the two-week decline in Bitcoin mining revenue highlights the ongoing challenges in the industry. The mining community must continue to adapt to the changing landscape, particularly as Bitcoin's market price fluctuates and operational costs remain high.&nbsp;

Bitcoin Miners Face Record Low Daily Revenue as Industry Adapts to Challenges

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