2024

Argo

Bitcoin

August 2024 proved to be a challenging month for <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> as their total revenue plummeted to $828 млн, marking the lowest monthly earnings in over a year. This represents a significant 57% drop from the $1.93 млрд peak revenue achieved in March. The drop is attributed to a combination of increasing mining difficulty, lower transaction fees, and a stagnant Bitcoin price, which has left many miners struggling to maintain profitability.
Several major <a href="https://ultramining.com/news/en/blockstream-aims-for-bitcoin-profit-with-mining-rig-investment-ahead-of-2024-halving/" rel="noopener noreferrer nofollow">mining companies</a>, including <a href="https://ultramining.com/news/en/argo-blockchains-struggles-continue-with-a-17-drop-in-bitcoin-production/" rel="noopener noreferrer nofollow">Argo Blockchain</a> and HIVE Digital Technologies, reported a decrease in their Bitcoin <a href="https://ultramining.com/news/en/bitcoin-miners-set-for-a-tough-ride-as-2024-halving-nears-jp-morgan/" rel="noopener noreferrer nofollow">production</a> during the month. Argo mined just 38 Bitcoins, down from 48 in July, while HIVE saw a reduction from 116 to 112 Bitcoins in the same period. Industry analysts warn that if the current trends persist, many miners may be forced to shut down operations, especially those with higher <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/" rel="noopener noreferrer nofollow">energy costs</a>. In contrast, companies with lower overheads or access to cheap renewable energy are better positioned to weather the downturn though the situation remains precarious for the majority of the sector.

Bitcoin Miner Revenues Hit Yearly Low: August Sees 57% Drop From March Peak

Ultramining_Eng

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