Bitcoin Miners Record 7% Growth In Revenue For July

Bitcoin Miners (Source: Coin Desk)

As Bitcoin continued to rake up in the market, its miners have recorded a significant revenue in the month of July.

Bitcoin miners were able to generate an estimated $300 million in revenue in July, up from $281 million in June, to register an increase in monthly revenue for the first time since July. The data has been bought to the fore by Coin Metrics analyzed by CoinDesk.

The estimates have made the assumption that miners have been selling their BTC on an immediate basis. Fees generated 25% in July, which was way higher that the 8% which was generate way back in May.

Meanwhile, the revenue increase in the month of July coincides with rallies of publicly traded mining companies. Riot Blockchain gained 10% in July, closing the month at $2.62.

In a significant development, Beijing-based miner manufacturer Canaan Inc., which was troubled throughout the years, managed to gain 34% in the month, closing at $2.50.

The average daily fees increased 300% from the end of June, a Coin Data metrics recorded.

However, in the past 24 hours, in a surprising move Bitcoin dropped by a percent but Ethereum continues to grow in the market.