- Ethereum and Bitcoin miners earned higher revenues in July.
- ETH revenue rose by 6.63% while BTC rose by 15.8%
- However, the crypto market is still struggling to rebound after the May crash.
Miners of top cryptocurrencies Bitcoin and Ethereum recorded a revenue rise in July. Notably, ETH miners earned 505,300 ETH, while BTC miners earned $971 million.
In fact, ETH miners’ revenue increased by 6.63% from June to July. Also, handling fees accounted for about 18% of the increase. Meanwhile, BTC mining revenue increased by 15.8% from $839 million in June.
Of note, crypto mining has recently come under fire after Tesla’s billionaire CEO Elon Musk flagged the excessive energy used in mining. Specifically, Bitcoin uses a mining protocol called Proof-of-Work (PoW) which requires high energy input to add new blocks and mine for new coins. As such, Musk noted the negative environmental impact of crypto leading to Tesla suspending BTC payments.
Additionally, China intensified its crypto mining crackdown with several top mining provinces in the nation shutting down operations. Prior to this, China contributed over 60% of BTC mining output. As a result of the crackdown, BTC mining slumped about 28%.
Also, BTC mining difficulty recently adjusted by 28% making the crypto mining much easier. As such, the remaining BTC miners are able to produce higher returns for less cost and time. A situation that could partly explain the rise in mining revenue recorded in July.
For instance, crypto mining operation Bitfarms recorded a new year to date mining high in June after mining 265 BTC. Bitform’s mining capacity rose significantly over the last couple of months. Thus, the firm mined the same amount of BTC in the first 12 days of July as it did in the entire month of January.
At the same time, the crypto market is still struggling to rebound after the mid-May market crash. At the time of writing, BTC is trading at $38,636.87 while ETH is trading at $2,537.39 according to CoinGecko.
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