Bitcoin miners experienced a significant revenue surge in July, alleviating the pressure to liquidate their reserves, according to a report by CryptoQuant. The report highlighted a nearly 50% increase in miners’ daily revenue since the beginning of the month. By July 29, the hash rate reached 604 exahashes per second (EH/s), marking a 6% rise since July 9.
“Miners’ daily revenue is currently around $32 million, compared to the year-to-date low of $22 million in early July. Higher revenues support the recovery in the network hash rate,” the report stated.
The uptick in revenue has resulted in reduced Bitcoin sales from miners’ reserves over the past few weeks. The report noted that miner outflows are “generally lower than earlier this year, suggesting that miner selling pressure has eased as prices have recovered.”
