Bitcoin miners enjoyed a 7% increase in revenue during July, driven by higher network fees and increased transaction volume as bitcoin (BTC) rallied to new yearly highs above $11,400.
BTC miners generated an estimated $300 million in revenue in July, up from $281 million in June, and the first monthly increase in miner revenue since April, according to Coin Metrics data analyzed by CoinDesk.
Revenue estimates assume miners sell their BTC immediately.
Fees generated $25 million in July, eclipsing the previous 12-month high of 8.3% fee revenue in May.
Bitcoin mining revenues since January 2019; Source: Coin Metrics, CoinDesk Research
Increased network fees and mempool size contributed to mining revenue increases. Bitcoin’s mempool, a sort of holding depot for verified transactions that need to be included in new blocks by miners, grew 11,000% since July 1.
Correspondingly, average daily fees increased 300% from the end of June, according to Coin Metrics data.
July’s revenue increase coincided with rallies of publicly traded mining companies.
Riot Blockchain gained 10% in July, closing the month at $2.62.
Even troubled Beijing-based miner manufacturer Canaan Inc. managed to gain 34% in the month, closing at $2.50.