Revenue Rebound Successful...Bitcoin Mining Industry "Still Unstable"

▲ Bitcoin (BTC), Cryptocurrency Mining, Artificial Intelligence (AI), Data Center/AI Generated Image

Bitcoin (BTC) mining revenue rebounded in just one month. However, with profitability pressures, rising difficulty, and chain fork variables intertwining, August has emerged as a new turning point.

According to the cryptocurrency specialized media Bitcoin.com on August 3 (local time), Bitcoin mining revenue in July, compiled by Newhedge.io, was $875.35 million. This is an increase of $38.93 million from June's $836.41 million. April's revenue was $947.26 million, and in May, it jumped to $1.086 billion. After that, June's revenue plummeted by 23%, giving back the gains.

Bitcoin price dropped by 2.2% over the past two weeks. However, on a 30-day basis, it rose by 1.6%, partially supporting the miners' revenue recovery. The hash price also increased from $29.01 per PH/s 30 days ago to $31.59. Although revenue and hash price improved together, mining profitability remains tight.

Between August 8 and 9, Bitcoin Improvement Proposal BIP-110 enters a critical signaling phase. Its support rate remains around 2%, indicating a low probability of adoption. The Bitcoin mining difficulty adjustment also coincides with the same period. The expected increase is 1.87%, which is projected to further burden mining operators.

In late August, the eCash chain fork, spearheaded by Paul Sztorc, emerges as another variable. The new SHA-256 chain, with its initially low difficulty, could attract mining hash power seeking short-term profits. Mining operators will allocate their hash power by comparing the profitability of Bitcoin and eCash. The final scale of hash power migration will be determined by the mining profitability of each chain.

[Key Article Summary]

-Bitcoin mining revenue increased to $875.35 million in July, rebounding in one month.

-Hash price rose to $31.59 per PH/s, but mining profitability is still not abundant.

-BIP-110, a 1.87% increase in difficulty, and the eCash chain fork are key variables in the August mining market.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*