Photo credit: Christinne Muschi/Bloomberg

The Bitcoin mining monthly revenue reached its lowest point of $827.56 million in August 2024, dropping from $927.35 million in July, according to data from Bitbo.

The number of mined BTC also reached its lowest point, with only 14,725 BTC mined in August 2024. The highest mining monthly revenue in 2024 was recorded in March, at $1,929.59 million.

A subsequent drop in revenue was noticed in the following month during the BTC halving, which occurred on April 19, 2024, resulting in the block reward being reduced to 3.125 BTC. Interestingly, the charts show that the monthly mining revenue has been gradually reducing ever since the BTC halving event. 

The average costs of mining are continuously increasing, and the rising mining difficulty is also affecting miners' rewards. According to the data from MacroMicro, the average Bitcoin cost jumped from $42,043 to $86,599 on 26 April, one of the main factors that reduce the miners’ reward. 

Despite this substantial increase in costs, regulatory authorities are considering raising taxes on mining operations to curb the carbon emissions produced by crypto mining activities. 

For instance, two executives from the International Monetary Fund (IMF) suggested that a direct tax of $0.047 per kilowatt will reduce the emissions from the crypto mining industry. 

The IMF executives also claimed that the tax rate would rise to $0.089 when considering the health impact of the mining activity.  This potential tax hike would represent an 85% increase in the average electricity price for miners, further squeezing miners' rewards, and adding yet another challenge to an already difficult landscape. 

Read more: IMF execs propose tax to curb crypto mining, AI carbon emissions