Bitcoin miners experienced a slight decline in revenue during June, with earnings totaling $963.67 million, down from the previous month’s $964.24 million. In addition, the hashprice, which represents the expected value of one petahash per second (PH/s) of hashpower, dropped from $57 per PH/s to the current rate of $48.
The summer of 2024 brought challenges for miners, as their revenue in June was $570,000 lower than May’s $964.24 million. In May, onchain fees accounted for $64.85 million of the total revenue. However, in June, fees contributed $101.25 million out of the $963.67 million recorded by theblock.co’s mining revenue data.
Despite these challenges, June 2024 saw higher revenue compared to the same period in 2023, when bitcoin miners collected around $783.76 million, including both subsidies and fees. From June 1, 2024, to the present, bitcoin miners experienced a 15.78% drop in hashprice, falling from $57 per petahash per day to $48.
Data indicates that the hashrate declined from 599 exahash per second (EH/s) on July 1 to the current range of 560 EH/s. Most of this decline occurred after June 23. Over the past month, 4,176 blocks were mined, with Foundry USA discovering 1,167 blocks, representing 27.95% of the total hashrate. Antpool found 1,041 blocks, accounting for 24.93% of the hashrate.
What are your thoughts on the revenue decline witnessed by bitcoin miners? Do you believe earnings will recover? Share your opinions in the comments section below.
