The revenue generated by Bitcoin miners increased in July, with nearly $1 billion earned during the month
The revenue generated by Bitcoin miners nearly topped the $1 billion mark in July, with the increase in prices and network activities contributing to the rise in revenue. Recent data collected by The Block indicate that Bitcoin miners generated $971 million in revenue in July.
This is higher than the $839 million generated the previous month. For most of the year, Bitcoin miners had generated over $1 billion in revenue, thanks to the market rally. However, the figure dropped in June as the bearish cycle took over, with Bitcoin’s price dropping to the $30,000 level
The cryptocurrency market has recovered in recent weeks, with Bitcoin finally crossing the $35,000 mark and reaching $40,000 on multiple occasions. The increased price of Bitcoin and greater network activity played a role in the revenue generated. According to the data, most of the monthly revenue was in the form of subsidy earnings.
The ban on cryptocurrency mining activities in China has affected Bitcoin mining and, overall, the revenue generated by the miners. However, things are starting to turn around for the cryptocurrency market.
In addition to the prices slowly recovering, the mining hashrates of Bitcoin and Ether are also increasing. This is due to Chinese miners moving to other countries, with Kazakhstan, Russia and the United States being some of their favourite destinations.
Some of the Chinese Bitcoin miners, such as Canaan and BIT Mining, have already delivered thousands of pieces of cryptocurrency mining hardware to Kazakhstan and are setting up a base of operations in the country. Bitcoin mining revenue is still down from its all-time high of $1.75 billion generated in March.