Bitcoin Miners Earn $1B in August as Post-Halving Pressure Continues
Key Takeaways
- •Bitcoin miners earned $1.001 billion from block rewards in August, and transaction fees added $7.1 million to the month’s total revenue.
- •The Bitcoin network’s hashrate stayed above 900 EH/s, while hashprice was about $38.86 per PH/s.
- •Miner outflows increased at several points in August, including more than 15,000 BTC in the first week and about 12,000 BTC around Aug. 24, but overall selling remained limited.
- •Miners currently hold 1.92 million BTC, and the data suggests many have kept their coins instead of transferring them out.
- •The report says post-halving margins remain tight, and miners may need lower power costs, better hardware, and more resilient operations to stay profitable.
Bitcoin miners brought in $1.001 billion in revenue in August from block rewards alone, according to newhedge.io analytics. Transaction fees added $7.1 million, or 0.7044% of the month’s $1.008 billion total.
The Bitcoin network’s hashrate has remained above 900 exahash per second (EH/s), while hashprice, measured on a daily basis as the value generated per petahash per second (PH/s), is currently around $38.86 per PH/s. At the same time, bitcoin miners hold 1.92 million $BTC, but newhedge.io data on transfers from miner wallets to external addresses suggests many miners have kept their coins rather than sending them out.
Miner outflows did rise at several points in August. In the first week of the month, more than 15,000 $BTC moved from miner wallets to external addresses, and the following week saw a spike of about 9,000 $BTC. Around Aug. 24, miners transferred roughly 12,000 $BTC as bitcoin’s price increased, but outflows remained limited overall. The recent improvement in hashprice also resembles the revenue conditions miners saw in May.
The August rebound marks a meaningful improvement from the difficult conditions earlier this summer. Even so, both hashprice and revenue have fallen sharply since the 2024 halving, and miners have yet to find stable footing. That matters because miner revenue helps support the economics of securing the network, while sustained pressure can force operators to manage capital spending, power contracts and fleet upgrades more carefully.
A hashprice of $40 per PH/s would ease some of the pressure on miners, while $60 to $70 per PH/s would provide a stronger base. A range of $75 to $100 would be considered healthy, and levels above $100 per PH/s would indicate stronger profitability. Based on current bitcoin prices and daily hashprice, reaching $100 per petahash per day would require hashprice to rise by about 157%.
That would also imply bitcoin trading near $198,950 per coin. The comparison comes as large mining operations increasingly move toward artificial intelligence (AI) and high-performance computing (HPC) infrastructure, which can generate higher returns.
For miners to remain profitable, a rising bitcoin price alone may not be enough. They will also need lower power costs, stronger hardware, and equipment that can operate reliably over time, especially as post-halving margins remain tight.
The fourth halving’s impact has weighed heavily on miners, and they will need greater resilience before bitcoin’s fifth halving arrives in 2028. Whether they can adapt will be a key test for the industry.
