Home » Cryptocurrency News » Cryptocurrency News » Bitcoin Miners Saw 7% Revenue Increase in July Bitcoin Miners Saw 7% Revenue Increase in July August 1, 2020 0 Comments
Bitcoin mining revenues since January 2019
Bitcoin miners enjoyed a 7% increase in revenue during July, driven by higher network fees and increased transaction volume as bitcoin (BTC) rallied to new yearly highs above $11,400.BTC miners generated an estimated $300 million in revenue in July, up from $281 million in June, and the first monthly increase in miner revenue since April, according to Coin Metrics data analyzed by CoinDesk.Revenue estimates assume miners sell their BTC immediately.Fees generated $25 million in July, eclipsing the previous 12-month high of 8.3% fee revenue in May.Bitcoin mining revenues since January 2019 Source: Coin Metrics, CoinDesk Research Increased network fees and mempool size contributed to mining revenue increases.Bitcoin’s mempool — a sort of holding depot for verified transactions that need to be included in new blocks by miners — grew 11,000% since July 1.
Correspondingly, average daily fees increased 300% from the end of June, according to Coin Metrics data.July’s revenue increase coincided with rallies of publicly traded mining companies.
Riot Blockchain gained 10% in July, closing the month at $2.62.Even troubled Beijing-based miner manufacturer Canaan Inc.managed to gain 34% in the month, closing at $2.50.Bitcoin mempool size and daily average transaction fee since January 2020 Source: Coin Metrics, Blockchain.com
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