Jamal Al-Farouq July’s Bitcoin mining activity was marked by significant revenue and dominance of the top mining pools. During the month, miners discovered a total of 4,366 blocks, resulting in approximately $844.56 million in block rewards and fees. This revenue showed a notable increase of $60.8 million compared to the previous month.
The top three mining pools, namely Foundry USA, Antpool, and F2pool, controlled a significant 65.65% share of the global hashrate during July. Foundry USA led the way by discovering 1,266 blocks, followed by Antpool with 992 blocks and F2pool with 608 blocks.
The hashrate during July remained relatively stable at around 386.89 exahash per second (EH/s), with two pivotal difficulty retargets. The first adjustment occurred on July 11, increasing the difficulty by 6.45% to 53.91 trillion, and the second change took place on July 26, decreasing the difficulty by 2.94% to 52.33 trillion.
Comparing this to the landscape in January 2023, the situation was similar, with Foundry, Antpool, and F2pool holding a substantial 66.05% share of the hashrate, with 4,598 blocks mined that month.
However, looking back almost seven years to September 2016, the mining environment was more decentralized, with the top three pools capturing only 45.49% of the total hashrate, and 4,555 blocks mined during that period.
This flurry of activity and revenue growth in Bitcoin mining during July indicates the continued significance of large mining pools and the overall health and competitiveness of the mining ecosystem. The comments section is open for readers to share their thoughts and perspectives on this topic.
Table Of Contents
Frequently Asked Questions (FAQs) about Bitcoin mining revenue.
Q: What was the total revenue generated from Bitcoin mining in July?
A: In July, Bitcoin miners collectively accrued approximately $844.56 million in block rewards and fees.
Q: How much did the revenue increase compared to the previous month?
A: The revenue in July marked an estimated increase of $60.8 million from the previous month.
Q: Which mining pools dominated the global hashrate during July?
A: Foundry USA, Antpool, and F2pool controlled a significant 65.65% share of the global hashrate in July.
Q: What was the average hashrate during July?
A: The average hashrate during July was approximately 386.89 exahash per second (EH/s).
Q: Were there any difficulty adjustments during July?
A: Yes, there were two pivotal difficulty retargets in July. The first occurred on July 11, increasing the difficulty by 6.45%, and the second happened on July 26, decreasing it by 2.94%.
Q: How many blocks were mined in July?
A: During July, a total of 4,366 blocks were mined by Bitcoin miners.
Q: How did the mining activity in July compare to January 2023?
A: The mining activity in July was similar to January 2023, with roughly 4,366 blocks mined in both months. The dominant mining pools were also similar in both periods.
Q: How does the current mining landscape compare to that of September 2016?
A: The current mining landscape is more consolidated, with the top three mining pools capturing 65.65% of the total hashrate, whereas in September 2016, the top three pools held only 45.49% of the hashrate.
Q: What is the expected difficulty level for August 2023?
A: The current difficulty level of 52.33 trillion is expected to remain stable until on or around August 9, 2023.
Q: What factors contributed to the revenue growth in July?
A: The revenue growth in July was driven by increased block rewards and fees generated by Bitcoin mining activities.
More about Bitcoin mining revenue.
- Bitcoin Mining Revenue in July – Source 1
- Global Hashrate Distribution in July – Source 2
- Bitcoin Difficulty Adjustment – Source 3
- Mining Pool Dominance Comparison – Source 4
- Bitcoin Mining Landscape in September 2016 – Source 5
- Cryptocurrency News and Analysis – Source 6
- Blockchain and Cryptocurrency – Source 7
- Bitcoin Mining Activity and Hasrate – Source 8
