Due to increased mining difficulty, August's income fell to $827.56 million, the lowest since September 2023.
This marks a 57% drop from March's peak, highlighting growing challenges in the mining sector.
Wall Street
Bitcoin (BTC) miners faced their toughest month of the year in August, with
revenues plummeting to levels not seen since September 2023. The downturn
highlights the growing challenges in the cryptocurrency mining sector, as
increased competition and technical hurdles continue to squeeze profit margins.
Bitcoin Mining Revenue
Slumps to 11-Month Low
According
to data from analytics
firm Bitbo, miners' revenue for August totaled $827.56 million,
marking a significant 10.5% decrease from July's $927.35 million. This figure
represents a staggering 57% drop from the 2024 peak of $1.93 billion recorded
in March, coinciding with Bitcoin's all-time high of over $73,500.
Source: Bitbo
The decline
in revenue comes despite Bitcoin's current trading price of $57,315, more than
double its value from the previous low-revenue period in September 2023.
Industry experts attribute this paradox to a combination of factors, including
reduced transaction volumes and a substantial increase in mining difficulty.
Fred Thiel, CEO, MARA, Source: LinkedIn
“During the
second quarter of 2024, our BTC production was impacted by unexpected equipment
failures and transmission line maintenance at the Ellendale site operated by
Applied Digital, increased global hash rate, and the April halving event,” said
Fred Thiel, CEO of publicly traded miner Marathon Digital Holdings. The
company's revenue for the second quarter was
$145.1 million, missing the FactSet estimate of $157.9 million.
August saw
mining difficulty reach an all-time high of 89.47 trillion, up from 86.87
trillion in July. This increase in difficulty, coupled with a slight drop in
the number of mined Bitcoins from 14,725 in July to 13,843, has
created a perfect storm for miners.
Transaction
fees, which typically provide a buffer against reduced block rewards, have also
failed to compensate for the shortfall. The median fees made up just 2% of
block rewards in August, while daily confirmed transactions averaged 594,871 by
the end of the month, down from a peak of 631,648 on July 31.
HPC and AI as Alternative
Revenue Streams
In response
to these challenges, some miners are exploring alternative revenue streams.
Cindy Feng, Founder of BitcoinMiningStock.io, an analytics service with data on
publicly listed Bitcoin miners, points to the main direction being the support
of resource-intensive artificial intelligence (AI) and high-performance
computing (HPC).
“When
it comes to embracing HPC and AI hosting, a few miners stand out,” commented
Feng. Core Scientific (CORZ), Iris Energy (IREN), and Bit Digital (BTBT) have
been making headlines, while others like Hut 8 (HUT), TeraWulf (WULF), and
Bitdeer (BTDR) have been quieter on this front.
We also
wrote about this trend on Finance Magnates. According to an analysis by
VanEck's head of digital assets research, Matthew Sigel, estimates that this
strategic pivot could unlock $38 billion in value for mining companies by 2027.
“AI
companies need energy, and Bitcoin miners have it,” commented
Sigel. “As the market values the growing AI/HPC data center market, access
to power—especially in the near term—is commanding a premium.”
Wall Street
Bitcoin (BTC) miners faced their toughest month of the year in August, with
revenues plummeting to levels not seen since September 2023. The downturn
highlights the growing challenges in the cryptocurrency mining sector, as
increased competition and technical hurdles continue to squeeze profit margins.
Bitcoin Mining Revenue
Slumps to 11-Month Low
According
to data from analytics
firm Bitbo, miners' revenue for August totaled $827.56 million,
marking a significant 10.5% decrease from July's $927.35 million. This figure
represents a staggering 57% drop from the 2024 peak of $1.93 billion recorded
in March, coinciding with Bitcoin's all-time high of over $73,500.
Source: Bitbo
The decline
in revenue comes despite Bitcoin's current trading price of $57,315, more than
double its value from the previous low-revenue period in September 2023.
Industry experts attribute this paradox to a combination of factors, including
reduced transaction volumes and a substantial increase in mining difficulty.
Fred Thiel, CEO, MARA, Source: LinkedIn
“During the
second quarter of 2024, our BTC production was impacted by unexpected equipment
failures and transmission line maintenance at the Ellendale site operated by
Applied Digital, increased global hash rate, and the April halving event,” said
Fred Thiel, CEO of publicly traded miner Marathon Digital Holdings. The
company's revenue for the second quarter was
$145.1 million, missing the FactSet estimate of $157.9 million.
August saw
mining difficulty reach an all-time high of 89.47 trillion, up from 86.87
trillion in July. This increase in difficulty, coupled with a slight drop in
the number of mined Bitcoins from 14,725 in July to 13,843, has
created a perfect storm for miners.
Transaction
fees, which typically provide a buffer against reduced block rewards, have also
failed to compensate for the shortfall. The median fees made up just 2% of
block rewards in August, while daily confirmed transactions averaged 594,871 by
the end of the month, down from a peak of 631,648 on July 31.
HPC and AI as Alternative
Revenue Streams
In response
to these challenges, some miners are exploring alternative revenue streams.
Cindy Feng, Founder of BitcoinMiningStock.io, an analytics service with data on
publicly listed Bitcoin miners, points to the main direction being the support
of resource-intensive artificial intelligence (AI) and high-performance
computing (HPC).
“When
it comes to embracing HPC and AI hosting, a few miners stand out,” commented
Feng. Core Scientific (CORZ), Iris Energy (IREN), and Bit Digital (BTBT) have
been making headlines, while others like Hut 8 (HUT), TeraWulf (WULF), and
Bitdeer (BTDR) have been quieter on this front.
We also
wrote about this trend on Finance Magnates. According to an analysis by
VanEck's head of digital assets research, Matthew Sigel, estimates that this
strategic pivot could unlock $38 billion in value for mining companies by 2027.
“AI
companies need energy, and Bitcoin miners have it,” commented
Sigel. “As the market values the growing AI/HPC data center market, access
to power—especially in the near term—is commanding a premium.”
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Executive Interview | Jas Shah | FMLS:25
Executive Interview | Jas Shah | FMLS:25
Interview with Jas Shah
Builder | Adviser | Fintech Writer | Product Strategist
In this episode, Jonathan Fine sat down with Jas Shah, one of the most thoughtful voices in global fintech. Known for his work across advisory, product, stablecoins, and his widely read writing, Jas brings a rare combination of industry insight and plain-spoken clarity.
We talk about his first impression of the Summit, the projects that keep him busy today, and how they connect to the stablecoin panel he joined. Jas shares his view on the link between fintech, wealthtech and retail brokers, especially as firms like Revolut, eToro and Trading212 blur long-standing lines in the market.
We also explore what stablecoin adoption might look like for retail investment platforms, including a few product and UX angles that are not obvious at first glance.
To close, Jas explains how he thinks about writing, and how he approaches “shipping” pieces that spark debate across the industry.
Interview with Jas Shah
Builder | Adviser | Fintech Writer | Product Strategist
In this episode, Jonathan Fine sat down with Jas Shah, one of the most thoughtful voices in global fintech. Known for his work across advisory, product, stablecoins, and his widely read writing, Jas brings a rare combination of industry insight and plain-spoken clarity.
We talk about his first impression of the Summit, the projects that keep him busy today, and how they connect to the stablecoin panel he joined. Jas shares his view on the link between fintech, wealthtech and retail brokers, especially as firms like Revolut, eToro and Trading212 blur long-standing lines in the market.
We also explore what stablecoin adoption might look like for retail investment platforms, including a few product and UX angles that are not obvious at first glance.
To close, Jas explains how he thinks about writing, and how he approaches “shipping” pieces that spark debate across the industry.
