TechFlow news, August 12 — According to Cointelegraph, Bitcoin miner revenue dropped to a yearly low of $2.54 million yesterday, the lowest level since October 2023. This downward trend has persisted for two weeks, primarily driven by declining block rewards and transaction fees.
The Bitcoin halving event on April 20 reduced mining rewards from 6.25 BTC to 3.125 BTC, causing a significant drop in revenue. In May, daily mining revenue fell below $3 million for the first time, whereas the average daily revenue during the first four months of 2024 was around $6 million.
Key factors behind the revenue decline include the ongoing bear market, falling Bitcoin prices, increased network difficulty, and resulting liquidation pressures.
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