July Mining Revenue Rebound Fails to Erase Pressure on Bitcoin Miners

Bitcoin miners have seen a modest rebound in revenue after June's sharp decline. In July, mining revenue rose to $875.35 million, up from $836.41 million in June, but still below May's peak of $1.086 billion.

The latest six months of mining revenue tell a story of boom and bust, with price swings and bursts of on-chain activity giving earnings a temporary boost, but block rewards doing most of the heavy lifting.

Hashprice has also improved slightly, rising to $31.59 per PH/s from $29.01 last month, but miner margins remain tight.

The next few weeks will be crucial for miners as they weigh their options and consider where to point their hashpower. Two competing forks, BIP-110 and Paul Sztorc's eCash fork, could reshape SHA-256 hashpower allocation and give miners fresh incentives to rethink their strategy.