Bitcoin miners see record revenue decline post-halving

According to data from CoinMarketCap, Bitcoin miners' daily earnings plummeted from $78 million to $34 million in June, reaching the lowest level since April 20. The drop follows a broader downturn in the crypto market and is exacerbated by the spring halving, which reduced block rewards and transaction fees on the blockchain. Coincu analysts comment that these factors have already hurt miner profitability.

Although Bitcoin’s price has rebounded to $62,000, earning powers remain under strain. Major mining firms are cutting costs and upgrading equipment to survive the squeeze. Meanwhile, smaller operators, who face stiff competition and thin margins, are now shutting down their activities. CoinMarketCap underscores this trend, pointing to a 3.5% decline in the network's hash rate over the past 10 days—a worrying sign for investors.

Market experts warn of continued volatility in the crypto sector. Only miners with access to low-cost energy and advanced ASIC hardware are likely to maintain sustainable profits moving forward. Analysts say a significant recovery in miner revenue will largely depend on a sustained hike in Bitcoin’s price.