AsianFin– Bitcoin miners saw their revenues plummet to a 12-month low in August 2024, primarily due to the impact of the April halving event. According to data from Bitcoin monitoring platform Bitbo, mining revenues for August were approximately $827 million, marking the lowest monthly figure since September 2023 and significantly down from the nearly $2 billion peak in March 2024.

The halving event, which occurs every four years, reduced the Bitcoin reward per block from 6.25 BTC to 3.125 BTC in April. Since the halving, the number of Bitcoins mined monthly has steadily decreased, from a peak of 347,000 BTC in May 2011 to less than 14,000 BTC in August 2024.

A report by JPMorgan highlights that the fourth Bitcoin halving event has led to reduced daily mining output and revenue opportunities, affecting miners' profit margins and profitability. The five publicly traded Bitcoin mining companies JPMorgan tracks reported a 28% decrease in mining volume in the second quarter.

In response to declining revenues, Bitcoin miners are adjusting their business models. Companies like Core Scientific, Hive Digital Technologies, and Hut 8 are investing in artificial intelligence applications, while others, such as Bitdeer Technologies Group, are focusing on improving mining efficiency. Bitdeer reported a 50% year-on-year increase in gross profit for the second quarter of 2024.