Key Takeaways
- Bitcoin mining revenue rose to $875.35M in July, rebounding $38.93M from June.
- Hashrate Index shows hashprice climbed to $31.59 per PH/s, but miner margins remain tight.
- BIP-110 and Paul Sztorc’s Aug. eCash fork could reshape SHA-256 hashpower allocation.
May’s Boom Quickly Turned Into June’s Bust
The latest six months of mining revenue tell a story miners know all too well. Bitcoin’s price swings and bursts of onchain activity can give earnings a temporary boost, but block rewards still do almost all of the heavy lifting. Transaction fees may grab headlines during brief spikes, yet they remain a small slice of what actually keeps mining operations running month after month.
Monthly mining revenue data from Newhedge.io shows July delivered only a partial recovery after June’s punishing 23% collapse, a drop that erased May’s rally and then some. April closed with $947.26 million in mining revenue before May jumped to $1.086 billion, giving miners one of their strongest months in recent memory.
That momentum did not last. June revenue plunged to $836.41 million, a sharp reversal that quickly reminded operators how fast favorable conditions can disappear.
Bitcoin’s Price Offers a Small Lift
While BTC has slipped 2.2% over the past two weeks, the bigger picture is less severe. Over the past 30 days, bitcoin has remained up a modest 1.6%, offering miners at least some support even as revenue conditions remain well below May’s peak.
That modest gain in bitcoin’s price translated into a little extra breathing room for miners in July. Monthly mining revenue climbed from $836.41 million in June to $875.35 million in July.
Hashprice Improves, but Margins Stay Tight
This can also be reflected in the hashprice, a term that describes the spot price of hashrate per terahash (TH/s), petahash (PH/s), exahash (EH/s), and so on. 30 days ago the spot value per a single PH/s according to stats logged by hashrateindex.com was $29.01.
Today, hashprice sits at $31.59 per PH/s, leaving margins tight despite July’s modest recovery. August could shake things up, with two competing forks giving miners fresh incentives to rethink where they point their hashpower.
BIP-110 Meets a Difficulty Increase
BIP-110 enters its key signaling phase around Aug. 8-9, but with support still hovering near 2%, the proposal looks unlikely to lock in. That leaves miners watching for brief chain instability rather than a meaningful change to fee income. Interestingly, Bitcoin’s next difficulty adjustment is expected to land just as BIP-110 enters its signaling window, putting two closely watched events on a collision course. Current estimates point to a 1.87% difficulty increase, adding another layer of pressure as miners weigh their options.
The eCash Fork Could Shift Hashpower
Later in the month, Paul Sztorc’s eCash fork could present a more interesting tradeoff. Fresh SHA-256 chains often attract opportunistic hashpower when difficulty starts low, giving some miners a chance to chase higher short-term returns before economics pulls them back to Bitcoin. In the end, the machines will follow profitability, and any meaningful shift away from BTC mining could leave the miners who stay behind with slightly better economics after the next adjustment.
The next few weeks should reveal where miners believe the best returns lie.
