The revenue generated by bitcoin miners slightly declined in June, totaling $963.67 million, down from May’s $964.24 million. Additionally, the hashprice, or the expected value of one petahash per second (PH/s) of hashpower, decreased from $57 per PH/s to the current $48.
Bitcoin Miners’ Hashprice and Revenue Decline in June
Miners faced challenges during the summer of 2024, as June’s revenue was $570,000 less than May’s $964.24 million. In May, $64.85 million of the total revenue was from onchain fees. However, in June, out of the $963.67 million recorded by theblock.co’s mining revenue data, $101.25 million was attributed to fees.
Despite these challenges, June 2024 saw higher revenue than the same period in 2023, when bitcoin miners collected approximately $783.76 million, including both subsidies and fees. From June 1, 2024, to the present, bitcoin miners experienced a 15.78% drop in hashprice, which fell from $57 per petahash per day to $48.
Data indicates that the hashrate decreased 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 do you think about the revenue decline bitcoin miners are witnessing? Do you think earnings will bounce back? Share your thoughts and opinions about this subject in the comments section below.