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.

$100 Hashprice Demands a Bitcoin Moonshot Near $200,000, as Miners Brace for Bitcoin’s 5th Halving

$40 per PH/s would be less pressure for miners, and $60 to $70 per PH/s would be a lot firmer of a foundation. $75 to $100 would be healthy, and anything above the $100 range would be thriving. With the current price of bitcoin and the daily hashprice, getting to $100 per petahash per day would require the hashprice to skyrocket to about 157%.

In fact, bitcoin’s price would have to be roughly $198,950 per coin to put the hashprice in that range. That moonshot comes at a time when large bitcoin mining operations are pivoting toward providing artificial intelligence (AI) and high-performance computing (HPC) infrastructure that pays a whole lot more. If miners want to keep thriving, praying for skyrocketing bitcoin prices won’t do the trick.

They will need to operate constantly with operational genius, cheaper power, superior chips, and machines that won’t quit. The fourth halving aftershock hurt miners a great deal, but they need to find some serious resilience before the fifth halving comes in 2028.

Whether they can do this or not will be the true test.