Bitcoin (BTC) miners generated a whopping $971.83 million in revenue with mining in the past month. That reports The Block on August 1.
Bitcoin miners earned $971 million in revenue during July https://t.co/Gde05nPAMG
— The Block (@TheBlock__) August 1, 2021
Of this $972 million, nearly $28 million came from so-called transaction fee’s. These are the costs that users incur when sending bitcoin over the network. The rest, about $944 million, came from so-called subsidy earnings, which are the earnings for miners for processing blocks on the Bitcoin blockchain. These earnings have been since the halving from May 2020 at 6.25 BTC per block.
Bitcoin miners make a profit as long as the combined costs of running a mining operation are lower than the income from the subsidies and transaction costs. Miners finally saw an increase in their profits in July, after months of declines. It’s an increase of nearly 16% from June, when miners made a total of $840 million in profit.
However, it is still far below the all-time high (ATH) of $1.75 trillion as of March. In April, the bitcoin price peaked around an ATH of $65,000, but the price started to fall sharply in the months that followed. The BTC price has been stuck in the range between $29,000 and $40,000 since mid-May, but finally started rising again two weeks ago and is currently trying to recapture this $40,000.
Yesterday it also came out that the so-called mining difficulty of Bitcoin rose again for the first time in two months. This level of difficulty fitted for the first time in the history of the cryptocurrency negative four times in a row. That came after a big blow to the hash rate of the Bitcoin network due to the strict action against the mining industry in China. We are gradually seeing a recovery in the market.
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