Wednesday, May 29, 2024

Bitcoin miners earned almost $ 1 billion in July

Compared to June of this year, income from the production of the first cryptocurrency increased last month by more than $ 100 million.

In July, bitcoin miners managed to earn $ 971.8 million, according to The Block .

The commission income that miners receive when servicing transactions amounted to $ 27.5 million.

Last month, miners increased their profits compared to June, then they received $ 839 million. The record level of income for miners was recorded in March this year ($ 1.75 billion) …

The fall in income from bitcoin mining compared to the spring is due to the ban on mining in China. Because of this, Chinese miners were forced to stop work and move equipment to other countries.

The largest manufacturer of mining equipment, Bitmain, also stopped sales in order to reschedule production.

The migration of miners from China triggered the largest drop in hashrate in the history of Bitcoin.

In June, the amount of computing power used to mine the first cryptocurrency fell by more than 50%.

At the end of July, the hash rate began to recover , and the difficulty of mining showed an increase for the first time since May.

Another recalculation, which took place on July 31, increased the difficulty of Bitcoin mining by 6% (to 14.5 trillion hashes).

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