Bitcoin Miners Suffer Lowest Monthly Revenue Since September 2023 As BTC Falls Below $58K And An Analyst Predicts October Breakout

BySteven Walgenbach

Updated: 02 September 2024

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Bitcoin miners recorded their lowest revenue generating month since September 2023 in August as the leading crypto drops below $58K and an analyst predicts BTC will “breakout” in October.

Collectively, miners achieved a revenue of $827.56 million in August. This marked a 10.5% drop from the previous month’s $927.35 million, according to Bitbo data.

Bitcoin Miners’ Monthly Revenue Falls 57% Since BTC Set Its ATH In March

August’s revenue is also a 57% drop from this year’s peak of $1.93 billion, which was set in March when BTC established a new all-time high of more than $73,500.

Since September, BTC’s price has more than doubled. Despite this surge in the leading crypto’s price, miners continue to feel the effects of the April 2024 halving event.

Other factors that are putting stress on miners are the drop in the number of transactions on the Bitcoin network and the spike in mining difficulty. Mining difficulty hit a new high in August, and reached 89.47 trillion. This was an increase from July’s 86.87 trillion.

BTC Drops Below $58K As Analyst Predicts October Breakout

Over the past 24 hours, the Bitcoin price dropped below $58K to trade at $57,511.24 as of 1:25 a.m. EST. Following the crypto’s 24-hour retracement, BTC is down more than 10% on the weekly timeframe.

Amid the latest correction in the Bitcoin price, renowned crypto analyst and trader Rekt Capital predicts the crypto king could surge in October. In an Aug. 31 X post, the pseudonymous trader referred to historical trends that show BTC tends to “breakout” 150-160 days after the halving event.

#BTC

History suggests that Bitcoin tends to breakout 150-160 days after the Halving

That would mean Bitcoin would breakout from its ReAccumulation Range in late September 2024

That being said, Average Historical Monthly Returns for September are -4.48%, with highest ever… pic.twitter.com/EnEsc8M8O8

— Rekt Capital (@rektcapital) August 31, 2024

If history were to repeat itself, BTC could escape what Rekt Capital calls its current “ReAccumulation Range” towards the end of this month. He added, however, that September has generally been a negative month for Bitcoin in the past. As such, he believes that BTC could consolidate “beyond September to achieve an October breakout.”