Bitcoin miners' mining revenue increased 7% in July

Bitcoin miners saw revenue rise 7% in July, helped by higher network fees and an increase in transaction volume as Bitcoin (BTC) rallied above $11,400 to hit a new 2020 high.

The fee business generated $25 million in revenue in July, surpassing the 12-month high of 8.3% of fee revenue in May. The increase in mining revenue was caused by the increase in network fees and the growth of the memory pool. Since July 1, the Bitcoin mining memory pool, which is the size of the memory that miners need to include verified transactions in new blocks, has increased by 11,000%.

Correspondingly, average daily miner fees increased 300% from the end of June, according to Coin Metrics. July’s revenue growth coincided with performances by mining public companies. Riot Blockchain rose 10% in July, closing the month at $2.62. Even once-troubled Chinese mining producer Canaan Inc. managed to rise 34% this month, closing at $2.50.

Bitcoin mempool size and average daily transaction fees since January 2020 Source: Coin Metrics, Blockchain.com