{"id":571756,"date":"2024-09-02T05:50:06","date_gmt":"2024-09-02T05:50:06","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=571756"},"modified":"2024-09-02T05:50:06","modified_gmt":"2024-09-02T05:50:06","slug":"bitcoin-miners-suffer-lowest-monthly-revenue-since-september-2023-as-btc-falls-below-58k-and-an-analyst-predicts-october-breakout","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-miners-suffer-lowest-monthly-revenue-since-september-2023-as-btc-falls-below-58k-and-an-analyst-predicts-october-breakout","title":{"rendered":"Bitcoin Miners Suffer Lowest Monthly Revenue Since September 2023 As BTC Falls Below $58K And An Analyst Predicts October Breakout"},"content":{"rendered":"
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.<\/span><\/p>\n 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 <\/span>Bitbo<\/span><\/a> data. <\/span><\/p>\n 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. <\/span><\/p>\n 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. <\/span><\/p>\n Other factors that are putting stress on miners are the drop in the number of transactions on the <\/span>Bitcoin<\/span><\/a> 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.<\/span><\/p>\n Over the past 24 hours, the Bitcoin <\/span>price<\/span><\/a> dropped below $58K to trade at $57,511.24 as of 1:25 a.m. EST. Following the crypto’s 24-hour retracement, <\/span>BTC<\/span><\/a> is down more than 10% on the weekly timeframe.<\/span><\/p>\n 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.<\/span><\/p>\n #BTC<\/a> <\/p>\n History suggests that Bitcoin tends to breakout 150-160 days after the Halving<\/p>\n That would mean Bitcoin would breakout from its ReAccumulation Range in late September 2024<\/p>\n That being said, Average Historical Monthly Returns for September are -4.48%, with highest ever… pic.twitter.com\/EnEsc8M8O8<\/a><\/p>\n — Rekt Capital (@rektcapital) August 31, 2024<\/a><\/p><\/blockquote>\n<\/p>\n
Bitcoin Miners’ Monthly Revenue Falls 57% Since BTC Set Its ATH In March<\/span><\/h2>\n
BTC Drops Below $58K As Analyst Predicts October Breakout<\/span><\/h2>\n
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