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.

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.

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