The income that Bitcoin miners received within a month amounted to almost 834 million US dollars. This is based on data from Blockchain.com and Crypto Parrot, compiled by CryptoTrend from June 27 to July 27. In that same period of time, the miners as a whole received an average of about $ 26 million a day.
According to the second of these firms, income growth for farm owners was 180% in that same time. This significant growth, they explain, occurs despite the high volatility in the price of the most popular of digital currencies.
There are two factors behind the increase in the amount of money that those who are dedicated to mining Bitcoin receive. The first is the continued reduction in the difficulty of the mining network. The second has been the increase in the price of the cryptocurrency in recent days. The first case, it should be noted, is the one with the greatest weight since the price increase occurred recently.
Why is increasing the income of Bitcoin miners important?
One of the aspects that stands out from this particular increase in income received by Bitcoin miners is the context. Although the staunchest defenders of cryptocurrencies are extremely victimized, the fact that Bitcoin has been under siege is no less true.
The attacks against the pioneer cryptocurrency, occur on a scale difficult to imagine in other assets. The main one is related to mining and its supposed negative impact on the environment. Although many studies have dismissed this accusation, the narrative continues, especially on social media and is fueled by Bitcoin naysayers with some influence.
For its part, the aggressions by the Chinese authorities against mining became one of the strongest blows. At the same time, pressure from regulators against cryptocurrency exchanges such as Binance, is strongly stifling the crypto community. This last case occurs in a significant number of countries.
Amid all that negative news context, the price of Bitcoin held stoically above 30K. Bitcoin miners avoided capitulation at all costs, which now paid off, when they received large amounts of revenue.
It is not the largest income in history
An important aspect to highlight is that this 180 percentage point increase in miners’ income is not something new. During the first quarter of the year, in the space of a month, miners received $ 1.7 billion. That is, approximately double what they received in the selected month.
During the legendary bull-run of Bitcoin in 2017, the income of miners, was $ 1.3 billion. In that sense, this leads to the conclusion that, as time goes by, these large amounts will become more common.
They will increase to the same extent that Bitcoin has greater usability among people. At the same time, at the same rate as new players join the mining business and also when the price increases to new highs.
The union of these three factors would create the perfect storm in which all Bitcoin holders would win, from miners to savers and traders.