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Bitcoin Miners Earned Almost $1 billion in July

Available data has shown that Bitcoin mining activity is beginning to pick up once again, especially as the erstwhile offline Chinese Bitcoin miners are now finding new homes around the world. According to Blockchain.com, the Bitcoin hashrate rose by around 15 percent towards the end of the previous month, July.

Interestingly, The Block Research have also stated that Bitcoin miners pocketed as much as $970 million in the month with users paying over $27 million as transaction fees.

Chinese authorities had begun a crackdown on miners of the leading cryptocurrency, citing the environmental concerns and energy usage that comes with the mining activities of the digital gold. This led to the fall of Bitcoin hashrate while also easing the difficulty level of mining BTC. 

As of press time, Bitcoin hash rate has risen above 100EH/s against the 85EH/s seen in July. There is the probability of it increasing as more miners are resuming mining activities.

Recent data has shown that the industry is beginning to rise again. In June, miners earned around $839 million, this number has risen by 15 percent as of the end of July. However, the number still pales significantly against the ATH which stands at $1.75 billion.

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