The mining revenue trend over the past six months reflects a familiar situation for miners. Fluctuations in Bitcoin price and spikes in on-chain activity can temporarily boost revenue, but the main burden is still carried by block rewards. Transaction fees may make headlines during short-lived surges, yet they remain only a small part of what actually sustains mining operations month after month.
Monthly mining revenue data provided by Newhedge.io shows that July brought only a partial recovery after a sharp 23% plunge in June—a drop that wiped out May's gains and then some. April ended with mining revenue of $947.26 million, which jumped to $1.086 billion in May, making it one of the most successful months for miners recently.
This momentum did not last long. In June, revenue plummeted sharply to $836.41 million—a sharp reversal that quickly reminded operators of how quickly favorable conditions can disappear.
Bitcoin Price Provides a Small Boost
Although the $BTC price has fallen by 2.2% over the past two weeks, the overall picture is less bleak. Over the past 30 days, Bitcoin has maintained a modest gain of 1.6%, giving miners at least some support, even though revenue figures remain significantly below May's peak.
This modest Bitcoin price increase gave miners a little extra breathing room in July. Monthly mining revenue rose from $836.41 million in June to $875.35 million in July.
'Hashprice' Metric Improves, But Margins Remain Low
This may also be reflected in the 'hashprice'—a term describing the spot price of hashrate per terahash (TH/s), petahash (PH/s), exahash (EH/s), and so on. 30 days ago, the spot cost for one PH/s, according to statistics recorded on hashrateindex.com, was $29.01.
Today the hashprice is $31.59 per PH/s, leaving a small margin despite the modest July recovery. August could shake things up: two competing forks are giving miners new incentives to reconsider where to direct their computing power.
BIP-110 Faces Difficulty Increase
BIP-110 enters a crucial signaling phase around August 8–9, but with support levels still fluctuating around 2%, the proposal is unlikely to be adopted. As a result, miners will be observing short-term chain instability rather than a meaningful change in fee revenue. Interestingly, the next difficulty adjustment in the Bitcoin network is expected to occur just as BIP-110 enters its signaling window, putting two closely watched events on a collision course. Current estimates point to a difficulty increase of 1.87%, creating an added layer of pressure as miners weigh their options.
eCash Fork Could Alter Hashpower Distribution
Later this month, Paul Sztorc's eCash fork might present a more interesting compromise. New SHA-256 chains often attract speculative hashpower when difficulty starts low, giving some miners a chance for higher short-term profits before economic viability pulls them back to Bitcoin. Ultimately, equipment will be oriented towards profitability, and any significant departure from mining $BTC could leave the remaining miners with slightly better economics after the next adjustment.
The next few weeks should show where miners believe the greatest profit lies.
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