Bitcoin miners see 10% revenue boost after slow September

Bitcoin (CRYPTO:BTC) miners have experienced a 10.33% increase in hashprice over the past 30 days, offering a much-needed boost after a sluggish September.

Hashprice, which measures daily earnings from one petahash per second (PH/s) of Bitcoin’s hashpower, climbed significantly, with 8.93% of the increase occurring in just the last four days.

On August 29, 2024, Bitcoin mining revenues were lagging, with hashprice at $42.98 per PH/s daily.

As of September 29, that figure rose to $47.42, buoyed by a combination of a slight increase in Bitcoin’s price and a 4.6% reduction in mining difficulty on September 25.

Bitcoin’s price climbed from $62.5K to $65.7K during this period, helping to drive up miner revenues.

Despite the rise in hashprice, Bitcoin’s hashrate—the total computing power dedicated to mining—remained relatively stable, hovering around 631 exahash per second (EH/s).

This was only a modest increase from the 621 EH/s recorded on September 16, following a peak of 693 EH/s earlier in the month.

Block times have been slower than the 10-minute average, currently clocking in at 10 minutes and 16 seconds, which could lead to a further difficulty reduction of up to 2.9% in the next adjustment on October 10.

While the recent improvements are a positive sign for miners, they still face challenges.

In August, Bitcoin miners generated $851.36 million in total revenue, but as of September 29, they’ve earned only $761.79 million.

With just a day left in the month, miners would need to pull in an additional $89.57 million to match August’s total, a feat that would likely require a significant rise in Bitcoin’s price.

Miners continue to navigate fluctuating market conditions, and the coming months may present further challenges as they strive to maintain profitability.

At the time of reporting, the price of Bitcoin was $64,370.26.