Bitcoin miner revenue jumped 15.8% in July to $971.83 million. This increase in miner revenue came after three consecutive months of drop following the all-time high of $1.75 billion in May.

Daily bitcoin miner revenue (7DMA) is also on the rise since a low of $20.02 million on July 3rd. Currently, it is around $40 million, still down from the peak hit at $67.17 million on May 11.

In contrast, Ether miners’ revenue has decreased by 2.4% to $1.08 billion in July after hitting a peak in May at $2.41 billion. Daily Ether miner revenue (7DMA), which has been on a decline since $130.32 million on May 15, is rising yet again, currently at $46.18 million.

Despite a reduction in miner revenue, Ether miners are enjoying much higher revenue for the third consecutive month than Bitcoin miners. It is also the longest recorded period that Ether miner revenue is higher than Bitcoin miner revenue.

Ether daily miner revenue fell to a low at $30.84 million on July 22nd, which was last seen in early January. This decline was primarily driven by the transaction fees, which had been keeping above $15 million since February to rise to $74.65 million at its peak, only to drop to $4.23 million on June 30. Transaction fees are now aiming for $12 million.

While Bitcoin miners were making huge margins when the price of BTC surged to its all-time high of nearly $65k in mid-April, miners are now pocketing even higher returns when BTC’s price is around $43k.

This has been thanks to the crackdown on crypto mining in China that has increased the profits for miners outside the country like Quebec, Texas, Kazakhstan, and Malaysia, where miners continued to mine while the hash rate and difficulty of the Bitcoin network dropped significantly.

Active miners have been paying around $3.6 billion a year for power, based on the estimate that producers' average cost at 5 cents per kilowatt-hour (kWh) and the prices ranging from as low as 2 cents in Argentina and 3 cents in Kazakhstan to 8 cents and above in the U.S. According to Alex de Vries, a Dutch economist whose website Digiconomist tracks Bitcoin's carbon footprint, before China’s shutdown, which accounted for at least 50% of all mining shares, miners were spending $7.2 billion on electricity.

While these miners in other parts of the world were paying the same cost of electricity, rent, insurance, and labor, their chances of earning the newly generated 6.25 BTC increased.

Quebec-based Bitfarms, which was founded in 2017, mined a total of 178 BTC in February and generated roughly $7.8 million in “mining profits,” at a mining cost for each Bitcoin earned amounting to $8,400.

Then last month, it mined 391 BTC, double the February amount on which they booked an estimated $14 million in mining profits, 80% more than in February, while their costs remained flat.

This has been while the BTC price was between $29k and $42k in July and has now started to rebound.

But, of course, with the Chinese miners coming back online having moved overseas as seen in the recovering hash rate and difficulty, competition will rise once again, and profits will normalize.

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