Bitcoin Miners Pocket $1B in August, but Halving Pain Still Lingers

Bitcoin Miners Pocket $1 Billion as Hashprice Finds Relief

Bitcoin miners took in $1.001 billion in revenue in August, just the reward alone. Separately, transaction fees accounted for $7.1 million or 0.7044% of the $1.008 billion total collected last month, according to newhedge.io analytics.

The network’s hashrate has been humming above 900 exahash per second (EH/s), and the price per output of petahash per second (PH/s), or the hashprice on a daily rate, stands at around $38.86 per PH/s. Meanwhile, bitcoin miners hold 1.92 million $BTC, but according to the amount of bitcoin transferred from miner wallets to external addresses logged by newhedge.io, otherwise known as outflows, miners are holding their coins.

You see, bitcoin miner outflows show some decent bursts, including more than 15,000 $BTC during the first week of August, and the following week saw a spike of around 9,000 $BTC from miners to external addresses. As bitcoin’s price rose, miners saw limited outflows despite the burst of 12,000 $BTC around Aug. 24. The breathing room is also present in hashprice data, which shows similarities to the revenue $BTC miners gathered in May.

The upswing does add a sizable improvement from the difficult conditions seen earlier this summer. However, the hashprice and revenue have been slashed a great deal since the 2024 halving, and miners haven’t really found any solid ground.