Bitcoin miners collected about $1.008 billion in August, including $1.001 billion in block rewards and $7.1 million in transaction fees, as hashprice rose to about $38.86 per PH/s and network hashrate stayed above 900 EH/s. The rebound followed record-low monthly average hashprices of $30.37 in June, $31.21 in July and $31.27 in March, all roughly 20% below last year’s $37.89 floor. Miners held 1.92 million BTC overall but some operators sold most newly mined coins to preserve cash. BitPlanet Research Lab describes a bifurcated market in which miners with cheap power and efficient equipment can remain profitable, while operators with older machines or electricity costs of 6–7 cents per kWh or more are considering AI/HPC conversions. Announced AI/HPC contracts exceed $70 billion, although execution, construction, cancellation and customer risks mean the value is not realized revenue. A six-month forward hashprice average of $37.59 remained below the $37.89 recovery threshold, leaving miners under post-halving pressure and facing the fifth halving in 2028.