Bitcoin mining revenue hit a new low as August saw a drop in mined BTC.

Data from bitcoin (BTC) on-chain analytics platform Bitbo shows that miners in the major cryptocurrency had their worst month in a year in terms of revenue generation.

According to figures on the dashboard, BTC mining operations earned $827 million in August, down more than 10 percent from July's $927.35 million.

Transaction fees will fall by $4 million

The fund represents a 57% decline in March 2024, the sector's best performer with more than $1.9 billion in earnings. This happened on March 13 when the digital asset reached an all-time high of over $73,500.

On-chain payments are not spared either. According to data from The Block, network participants received about $20.76 million last month, just shy of the $4.14 million total recorded in July. The fallout is even more severe when you consider that in April, the ban drew more than $281 million in transaction fees out of more than $1.5 billion in mining revenue.

Compounding the bleak numbers, the number of BTC mined in August also decreased slightly, from 14,725 in July to 13,843.

The decline made the miner's worst earnings period since September 2023, when they earned $727 million last month. The price has more than doubled in the intervening period and was trading at $58,000 at the time of writing.

Meanwhile, daily confirmed 30-day transactions peaked at nearly 631,648 on July 31, but fell to 594,871 at the end of August, Bitbo and Blockchain.com reported.

The month's mining woes continued, reaching 89.47 trillion from July's 86.87 trillion.

Uptick in the number of Bitcoin whales

Despite the decrease in revenue, there is a significant increase in the number of Bitcoin whales. In a post on X, crypto analytics platform Santiment said the number of people holding at least 100 BTC rose by 283 last month. This means that 16,120 wallets currently hold more than 100 BTC, which is the highest level in a year and a half.

Interestingly, the jump in activity came against the backdrop of the trillion dollar cryptocurrency facing recent price struggles.

According to data from CoinGecko, the asset has lost 1.5% of its value in the last 24 hours and 10% in the last seven days. During that time, it fluctuated between $57,383 and $64,066 as it struggled to hold the $60,000 support level.