In August, Bitcoin miners generated revenues totaling approximately $1.6 billion, mirroring figures from July. This stable performance highlights the sector’s resilience against a backdrop of rising energy costs and increasing competition. However, beneath this apparent stability lies a crucial question: can the current mining model endure long-term? 85,000 to 93,000 pending transactions in August signal growing congestion on the network, while transaction fees now account for nearly 2% of revenues, representing a significant increase from less than 1% previously. Despite these positive developments, miners continue to grapple with reduced profitability, which remains significantly lower than pre-April 2024 halving levels. The stability of mining revenue in August underscores the vital role played by block subsidies. However, this also raises a critical concern: as pending transactions increase and network difficulty continues to climb, miners are increasingly exposed to market cycles and speculation driving the Bitcoin ecosystem. While bitcoin’s price currently hovers around $113,000, its stability offers some support. However, it falls short of alleviating the structural decline in profitability brought about by the halving. Miners find themselves facing a complex dilemma: while their revenues appear to be stable, they remain fragile due to market uncertainties and rising energy costs. The future of Bitcoin mining hinges on three crucial factors: bitcoin price, network difficulty, and regulatory clarity. These elements will dictate the sector’s long-term profitability until further breakthroughs occur. The continued resilience of miners is a testament to their adaptability and innovative spirit, but this success story must be accompanied by measures to address the fundamental vulnerabilities that threaten their future.