Bitcoin miners saw a significant drop in revenue in August, marking the lowest point in almost a year. The decline was primarily due to a reduction in transaction fees. Despite these issues, the number of large investors, or “whales,” holding more than 100 BTC reached a 17-month high. This suggests that while miners are facing difficulties, some investors remain optimistic about the future of bitcoin.
The number of investors is growing despite negative trends
Total mining revenue in August may have fallen to $827 million, down 10% from July, but it was down significantly from the record $1.9 billion reached in March 2024. Also notable was the decline in transaction fees, which fell to approximately $20.76 million in August from $24.9 million in July.
Despite the negative trends, the number of large bitcoin investors continued to grow. Data from Santiment revealed that the number of wallets holding at least 100 BTC increased by 283 in August, bringing the total number to 16,120. This represents the highest level in 17 months.
Big investors have the upper hand
The contrasting trends between struggling miners and the growing number of large investors highlight the complexity of the bitcoin market. While miners face challenges due to declining revenues, large investors continue to hoard bitcoin, potentially indicating their confidence in the long-term value of the cryptocurrency.
As the bitcoin market continues to evolve, the question is how these trends will affect the future of miners and investors.
