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Bitcoin's price increase in July has led to a surge in mining activity, raising the hashrate and reducing selling pressure.
Hashrate Reaches 604 EH/s in July
Miners have felt some relief from Bitcoin's price rise in July, which has caused a boom in mining activity and lessened selling pressure.
Daily miner income has climbed by about 50% since early July, according to a study from CryptoQuant (via Cointelegraph) on July 31. Despite this, miners are now selling fewer Bitcoin. The hashrate of miners reached 604 EH/s on July 29, a 6% rise from July 9, when it hit its lowest point since February 28. This report states:
The price of Bitcoin has increased by almost 6% in the last 30 days, and it is currently trading at approximately $66,500. The cryptocurrency's value has increased by more than 49% thus far in 2018.
Miners' reserves have sold fewer BTC in the past several weeks because of the better revenue. Extractions from mining operations have been "generally lower than earlier in the year, signaling less selling pressure from miners as prices recovered," as stated in the report.
Miners' Daily Funds Drop in July
Every day in July, miners sent out $5,000 to $10,000 in funds, down from $10,000 to $20,000 when BTC initially hit the $70,000 level. This gave miners a chance to cash out before the Bitcoin halving cut their earnings in half.
In order to combat inflation, Bitcoin implements a halving mechanism that, every four years, cuts in half the incentives that miners get for creating new blocks.
The distribution of sales from miners, though, has been uneven. Smaller miners have drastically cut their Bitcoin holdings in 2024, in contrast to larger miners who have been boosting their holdings.
Major Miners Increase Bitcoin Holdings
The aggregate Bitcoin holdings of major miners increased from 61,000 BTC at the start of 2024 to 65,000 BTC as of July 29, according to statistics from CryptoQuant. However, because to increased sales following the halving event, the overall balance of smaller miners fell from 59,000 BTC in 2024 to 51,000 BTC in 2025.
At 1.72 percent of total mining revenues, transaction fees are at their lowest level since October 2023. The paper claims that mining profitability is now excessively tied to the price of Bitcoin and that one danger for miners is that fees will stay low.
