Mining is back on track, with miners making more than $971 million in July
The data coming in from international agencies show a spike in the revenue by Bitcoin miners. The monthly total sored up to $971.83 million, including transaction fees.
These earning was the majority in subsidy making, as each new Bitcoin block produces 6.25 BTC. The profits are only secured when the cost of mining Bitcoin is lower than the subsidies plus transaction fees they earn.
The revenue has taken a spike, but they are 14% – 15% better than June’s $839. Million, but still not to the mark of all-time monthly high of $1.75 billion seen in March. The market cap for a Bitcoin was $69,000 – $70,000 in April.
Market moving towards stability after the mess created by China.
July saw a significant increase in mining revenue in comparison to the previous month. The Chinese crackdown on the market made it hard for crypto miners to mine. Now the situation is moving towards stability. Miners are getting online resuming their operations.
By the end of July, the Bitcoin hashrate was very close to 15%. The Bitcoin mining market went under severe pressure as they were going in loss. Several Bitcoin miners had to discontinue their operations plugging off their mining rigs. It caused a big market crashing down in the hashrate since May.
The mining community is looking into clean and green energy. Thus, most of the Bitcoin miners are now moving to crypto-friendly destinations in North America and Europe.
Bitcoin mining difficulty up by 6%! Is it a good sign?
At the weekly Bitcoin mining difficulty adjustment towards the end of July, the network clocked a 6% surge over its previous adjustment. It was directly proportional to the increase in the BTC hashrate. It means the higher the Bitcoin mining difficulty, the higher the hash rate.
Since May 13, mining BTC became easier by whooping 54% as there was a drop in Bitcoin mining difficulty. This drop continued for more the last two months. These factors resulted in the reduction of BTC hashrate and were directly proportional to the miners going offline.
Since last week the difficulty has increased to mine Bitcoin. This spike was seen after two months. The Bitcoin hash rate has gone over 100 EH/s. It was lower than 85 EH/s.
Antpool continues to lead its supremacy. It remains the largest BTC mining body in terms of overall loyal hashrate. Around 15.48% of BTC’s SHA256 hashrate comes from AntPool’s actions.
The second-best contributor is Viabtc (14.87 %), the third Binance Pool (11.00 %), fourth Poolin (10.18 %). Remarkably, around 10% of the global BTC hashrate is controlled by unknown miners, also called “stealth miners.”
The BTC hashrate will go up further shortly as miners resume operations. Furthermore, the mining industry is taking a step towards the environment’s good as Bitcoin miners adopt clean energy solutions to avoid the governing fury.
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