Bitcoin Mining in July: $844.56 Million in Revenue, Dominance of Top Pools, and Fluctuating Difficulty Levels

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As per the data compiled for the month of July, bitcoin miners discovered a total of 4,366 blocks, collectively accruing approximately $844.56 million in block rewards and fees. This figure marks an estimated increase of $60.8 million from the previous month.

July’s Bitcoin Mining Landscape: Top Pools Capture 65.65% of Global Hashrate

On July 31, 2023, the Bitcoin hashrate was smoothly navigating at a rate of 386.89 exahash per second (EH/s), with the past 2,016 blocks reflecting an average of approximately 377.7 EH/s. The month of July was marked by two pivotal difficulty retargets: the first of these adjustments occurred on July 11, increasing by 6.45% and elevating the total to 53.91 trillion.

Then, roughly two weeks later on July 26, or precisely 2,016 blocks subsequent to the previous change, the difficulty experienced a decrease of 2.94% at block height 800,352. This reduction has set the current difficulty level to 52.33 trillion, a figure that is expected to remain stable until on or around August 9, 2023.

Over the past month, bitcoin miners amassed $844.56 million through block rewards and fees, with fees alone constituting $18.81 million of this sum. This revenue marks a notable escalation, as it’s $60.8 million above the $783.76 million that miners garnered in June. The mining activity of July resulted in a total of 4,366 blocks, with Foundry USA leading the way, discovering 1,266 blocks and thereby seizing 29% of the global hashrate.

Following closely, Antpool, the second-largest mining pool, discovered 992 blocks, while F2pool accounted for 608 blocks. Together, these mining pool juggernauts – Foundry, Antpool, and F2pool – have controlled a 65.65% share of the global hashrate over the last 30 days.

The scenario for bitcoin mining in January 2023 bears a resemblance to the present, with miners uncovering 4,598 blocks during that month. At the time, Foundry discovered 1,472 blocks, followed by Antpool’s successful find of 902 blocks. F2Pool trailed in third place, extracting approximately 663 blocks. Together, these powerhouses — Foundry, Antpool, and F2pool — controlled a substantial 66.05% share of the hashrate for January 2023.

Rewinding the clock almost seven years, the landscape was markedly different. From September 3 to October 3, 2016, mining was less consolidated, with 4,555 blocks mined. During that period, the top three mining pools (F2pool, Antpool, and BTCC) only managed to capture 45.49% of the total hashrate, reflecting a more dispersed mining environment.

What’s your perspective on the flurry of activity within the realm of Bitcoin mining during the course of July? Share your thoughts and opinions about this subject in the comments section below.