Bitcoin Mining Revenue Slumps Further In July As BTC Price Struggle
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Reports showed that miners could only generate $574.89 million in revenue in July, a 13% drop from the $667.94 million revenue figure recorded in June.
Meanwhile, reports further showed that the total year-on-year (YoY) profitability of BTC mining revenue was down by a whopping 40%. In July 2021, Bitcoin miners recorded about $971.83 million in revenue.
To make matters worse, Ethereum miners realized more revenue than their BTC counterparts in July, with $596.33 million. Also, unlike Bitcoin, Ethereum miners’ revenue jumped by 8% from the figure recorded in June, which recorded $549.58 million.
However, like BTC, Ethereum miners recorded a YoY fall. In July 2021, miners of the second-largest cryptocurrency saw around $1.1 billion in revenue, a 46.3% drop from this year’s figure.
While Bitcoin is the largest and most popular cryptocurrency, miners made more from mining Ethereum. Not only did Ethereum miners outperform BTC miners in July, but they have also done so through 2022.
Key Bitcoin Levels to Watch — August 2
Despite recording its fifth-consecutive bearish daily performance, Bitcoin remains solidly above the $23K support. A prolonged continuation above the mentioned level could prompt the benchmark cryptocurrency on a bullish rebound above $24K and to retest July’s peak.
At the same time, the daily close below the $23K support could trigger a return to the mid-$21K zone even though many analysts believe a reversal from the bear cycle is in play.
Meanwhile, my resistance levels are at $24,000, $25,000, and $26,000, and my key support levels are at $23,000, $22,000, and $21,000.
Total Market Capitalization: $1.07 trillion
Bitcoin Market Capitalization: $440.3 billion
Bitcoin Dominance: 41.1%
Market Rank: #1
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