As we enter Q3 2024, the State of the Network report revisits the Bitcoin mining landscape, continuing our series of quarterly updates on the state of proof-of-work stakeholders.
Key takeaways:
- Bitcoin mining revenues declined to $2.5B in Q3 2024, down from $3.7B in the previous quarter, primarily due to the April 2024 halving event.
- Transaction fees remained subdued throughout Q3, with a brief spike around the halving date followed by consistently low levels throughout Q3, driving miners to consider alternative revenue sources.
- Miners are exploring diverse business models, including renting out rackspace for generative AI and even tokenizing whiskey barrels, to remain competitive in the changing landscape.
- Empty blocks continue to be prevalent, with some mining pools like SpiderPool producing an anomalously-high proportion of empty blocks compared to other mining pools.
Read more in the Coin Metrics Q3 2024 Mining Data Special.
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