BTC Miners Enjoyed 7% Revenue Increase In July: Report

The BTC miners enjoyed a 7% increase in revenue in July only, thanks to the higher network fees and increased transaction volume as Bitcoin increased to a new yearly high of $11,400 as we reported in the Bitcoin news earlier.

The BTC miners enjoyed a 7% increase or $300 million in revenue in July from $281 million in June which was the first monthly increase in miner revenue since April. The revenue estimates that the miners sold their BTC right away. The fees were also able to generate $25 million in July,  surpassing the previous monthly high of 8.3% fee revenue in May.

btc mempool
Bitcoin mempool size and daily average transaction fee since January 2020

The increased network fees and mempool size contributed to mining revenue increase as the BTC mempool which is a holding depot for verified transactions that have to be included in the blocks by the miners, increased by 11,000% since July.  The average data fees increased by 300% as well from the end of June according to the data. The revenue for July increased and coincided with the rallies of the publicly traded mining companies since Riot Blockchain only gained 10% in July and closed the month at $2.62.The Beijing-based miner producer Canaan Inc gained 34% in July, closing at $2.50.

bitcoin mining
Bitcoin mining revenues since January 2019

 

As recently reported on DCForecasts, The mining difficulty of Bitcoin is set to drop for the first time in two months according to today’s estimates with the miners awaiting the drop. According to the current estimations by BTC.com, the popular mining pool, the mining difficulty of Bitcoin will drop by more than 3% to 16.8t. This will be the first drop since June and the smallest one since February. In June and July, there were three difficulty adjustments in the BTC difficulty which measures how hard it is to compete for the rewards and there were two major levels surpassed as well. One 16t level got surpassed again but in a way that it was completely skipped over with the difficulty jumping from 15.78T and reaching a new all-time high of 17.35 two weeks ago.

The CEO of BTC.top, another bitcoin mining pool, Jiang Zhuoer, said that there was no significant percentage of mining machines that will be forced to shut down inside China reaching 70% of the total hashrate.

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