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

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