2024

Bitcoin

<p>On August 11, <a href="https://ultramining.com/news/en/russias-bitcoin-gold-rush-mining-machine-influx-outpaces-rest-of-the-world/">Bitcoin miners</a> recorded their lowest daily revenue of the year, earning just $2.54 million. This drop marks a significant decline from the average $6 million daily revenue seen in the first four months of 2024. The revenue decrease follows the Bitcoin <a href="https://ultramining.com/news/en/heat-waves-and-halving-bitcoin-miners-cash-in-amid-rising-prices/">halving</a> event in April, which cut mining rewards in half, and has been compounded by a bear market, rising network difficulty, and lower Bitcoin prices. However, some <a href="https://ultramining.com/news/en/blockstream-aims-for-bitcoin-profit-with-mining-rig-investment-ahead-of-2024-halving/">mining companies</a> like Bitfarms have managed to stay profitable by upgrading equipment and expanding operations. according to <a href="https://cointelegraph.com/news/bitcoin-mining-revenue-decline-yearly-low-august-2024">Cointelegraph</a>.</p> 
<p>Bitfarms' stock surged nearly 22% after reporting better-than-expected Q2 earnings, despite a 16% revenue drop from Q1 due to lower block rewards. The company’s ongoing strategy includes fleet upgrades and geographic expansion to maintain profitability amid the challenging environment.</p>

Bitcoin Miners Record Lowest 2024 Revenue Amid Market Struggles

Ultramining_Eng

Other articles published on Aug 13, 2024

Accidental $6.8m transfer lands Crypto.com user in prison

All the crypto news that you don’t see elsewhere

Bitget Wallet Surpasses MetaMask in Downloads

DBS Bank partners with Ant International on blockchain treasury solution

‘Bitcoin Cheerleader’ Trump And ‘Dogefather’ Musk Give Crypto A Miss In Their Historic Debate; BT...

Hive Digital sales up 36% as Bitcoin miner forays into AI compute

Join our free newsletter for daily crypto updates!