According to Jefferies, the average daily revenue per exahash—essentially, the income earned per miner—declined by 11.8% compared to the previous month. This drop underscores the growing financial pressures faced by miners amidst fluctuating market conditions and rising operational costs.

Whether the Federal Reserve delivers a 25 or 50 basis point rate cut, it could mean a turnaround for bitcoin miners, which have been struggling so far this year, market participants said.

The Federal Reserve implemented a 50 basis point rate cut, with expectations of further reductions to bring the median benchmark rate to 4.4% by