Bitcoin mining remains one of the most lucrative endeavors. Although miners are facing more and more obstacles every year, they continue to reap profit. According to the Block portal, crypto miners earned almost one billion dollars in July. For the month, their revenue amounted to $971.8 million, up from $839 million in June. Apparently, bitcoin miners can hardly complain although these are not their biggest earnings. The record was set in May when mining generated $1.75 billion in profit. Such a decline happened amid China’s crackdown on cryptocurrencies and bitcoin in particular. First, the People’s Bank of China ordered financial institutions to stop conducting crypto-related transactions. Then, some regions in China have completely banned mining on their territory. So, Chinese miners had to relocate their operations to other countries. For example, last fall, Chinese miners accounted for almost 75% of the total mining capacity. By the summer of 2021, their share dropped to 30%. At the end of July, bitcoin was trading above $40,000 per token. However, in early August, its price slipped below the psychological mark.
