Bitcoin miners earned $971 million in revenue during July

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Monthly data collected by The Block Research shows that during the month of July, bitcoin miners hauled in just over $970 million.

The monthly total was $971.83 million, including transaction fees, per The Block's Data Dashboard. Transaction fees -- or the funds paid by users as they use the bitcoin network -- came in at $27.59 million.

The vast majority of the monthly revenue was in the form of subsidy earnings, with each new bitcoin block producing 6.25 BTC. Miners make profits when the cost of running a bitcoin mining operation is lower than the subsidies plus transaction fees they earn.

The monthly revenue figure represented an increase from June's $839.09 million, but still down from the all-time monthly high of $1.75 billion seen in March.

Bitcoin's price reached a high of $69,899 in mid-April, according to data from Coinbase. 

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The Block Research was commissioned by Algorand to create Layer-1 Platforms: A Framework for comparison, which provides a “look under the hood” at seven platforms: Algorand, Avalanche, Binance Smart Chain, Cosmos, Ethereum/Ethereum 2.0, Polkadot, and Solana. We assess their technical design, related ecosystem data, and qualitative factors such as key ecosystem members to get an understanding of how they differ. Having done this analysis, we draw some insights for what the future of the broader smart contract landscape could look like for years to come. 
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Aug 11, 2021, 5:18PM UTC
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