Bitcoin (BTC) mining is becoming more competitive, but miners are seeing reduced revenues from fees. September marked the lowest inflows for miners in all of 2024, indicating new post-halving challenges.
Bitcoin (BTC) miners received close to $816 million in block rewards for September, alongside a significant slowdown in fees. Transaction premiums boosted revenues to as much as $1.7 billion in April, but September saw a steep revenue decline.
This revenue crunch has significantly affected corporate miners in the U.S. market. Core Scientific, one of the industry leaders, is the only stock on the rise, though financial results for Q3 have not yet been recognized. Over the past 12 months, Core Scientific leads with revenues reaching $570 million.
Marathon Digital Holdings (MARA), on the other hand, has higher retained earnings, amounting to $450 million over the last year. Marathon also has the most profitable operating margins, along with Hut 8. Overall, Bitcoin mining revenues affect 24 publicly traded U.S. companies, sending signals to mainstream investors and potential ETF buyers.