By
Chimamanda U. Martha
April 24th, 2024
In July, Bitcoin miners registered a 15% surge in the mining revenue in comparison to the previous month. Post China’s crackdown, miners are once again getting online resuming their operations.
In a positive development, the Bitcoin mining activity once gain picked up during the last month of July 2021. Also, as per data by Blockchain.com, the Bitcoin hashrate was up 15% by the end of July.
As per data by The Block Research team, Bitcoin miners netted a total revenue of $970 million last month. Similarly, the transaction fees paid by users to use the bitcoin network stood at $27.59 million. The publication reports:
“The vast majority of the monthly revenue was in the form of subsidy earnings, with each new bitcoin block producing 6.25 BTC. Miners make profits when the cost of running a bitcoin mining operation is lower than the subsidies plus transaction fees they earn.”
The Bitcoin mining revenue is up by 15% over the last month. In June 2021, Bitcoin miners netted a total of $839 million in revenue. Despite this surge, we are nearly 50% down from the all-time high monthly revenue of $1.75 billion.
The Bitcoin mining market has been under severe pressure after a strong crackdown by China in May 2021. Several bitcoin miners had to discontinue their operations plugging off their mining rigs. Thus, the Bitcoin hashrate came crashing down since the month of May.
A majority of the bitcoin miners are now moving to crypto-friendly destinations in North America and Europe. Besides, the surplus availability of clean energy makes it ideal for the miner community.
Bitcoin Mining Difficulty Up by 6%
During the latest bitcoin mining difficulty adjustment last Friday, the network clocked a 6% surge over its previous adjustment. This was obvious as the BTC hashrate was also increasing simultaneously. Thus, the higher the hasrate, the higher the bitcoin mining difficulty.
As said, the Bitcoin mining difficulty drop in the last two months was an outcome of the drop in the BTC hashrate, which in turn, was an outcome of the miners going offline. the last four difficulty adjustments have made it 54% easier to mine BTC in comparison to the peak of May 13.
Last week, the difficulty increased for the first time in over two months. Just at the time of writing this story, the bitcoin hashrate is above 100 EH/s. During early July, it had dropped to a low of 85 EH/s.
As of writing this story, Antpool continues to lead its dominance. It remains the largest BTC mining entity in terms of overall dedicated hashrate. Around 15.48% of BTC’s SHA256 hashrate comes from AntPool’s operations.
The next contributor in line are Viabtc (14.87 %), Binance Pool (11.00 %), Poolin (10.18 %). Interestingly, around 10% of the global BTC hashrate is controlled by unknown miners also called “stealth miners”.
The BTC hashrate is likely to pick up further as miners resume operations. Furthermore, the mining industry is taking a turn for the good as Bitcoin miners adopt clean energy solutions to avoid the regulatory wrath.