As per the data released by The Block Research, Bitcoin miners’ revenue has reached over $971 million in the month of July. The hashrate was over 15% by the end of the month and the transaction fees paid by the users were $27.59 million.
Ever since China tightened its regulations around Bitcoin mining in May 2021, the market was facing severe pressure as several miners had to suspend their operations.
However, things are apparently improving since July’s revenue was up by 15% comparing to the previous month which recorded total revenue of $839 million. The ATH revenue recorded by Bitcoin miners was in the month of March with the total revenue surpassing $1.75 billion.
After China’s crackdown, many miners have shifted to North America and Europe where the regulations are not as stringent.
Readjustments in mining difficulty
Bitcoin mining difficulty was increased by 6% during the latest adjustment since Bitcoin reported a 15% surge in hashrate. When China imposed regulations on Bitcoin mining, the hashrate contributed by its economy tumbled down resulting in the easing of the difficulty level.
Today, the hashrate is reported to be around 100 EH/S, up by 15% from its previous figures. Antpool is currently the highest contributor in BTC mining with around 15.48% of BTC’s SHA256 hashrate coming from its operations.