Five North American public mining companies mined a total of 1802 BTC in July. This is 58% higher than the June figure, according to The Block.
July was a productive month for the largest miners in the US: Marathon Digital, Riot Blockchain, Argo Blockchain, Bitfarms and Hut 8, despite the fact that the firms did not significantly increase their mining capacity.
For the most part, the increase in cryptocurrency mining was the result of a record 28% reduction in the difficulty of Bitcoin mining, which occurred in early July. Then the indicator fell by another 4.8%.
The difficulty correlates with the hash rate, which collapsed in June amid persecution of mining in China. As a result of the actions of the country’s authorities, mining capacities outside the Middle Kingdom have significantly increased.
Of the five companies, Riot and Marathon won the most, increasing their bitcoin production month-on-month by 82% and 66.42%, respectively. At the same time, Marathon’s equipment park did not change in July, amounting to about 19,000 ASIC miners. Riot also said that due to infrastructure upgrades, it has postponed the deployment of recently received devices to August.
Argo Blockchain CEO Peter Wall explained the growth in mining by saying that «the firm was able to benefit from the reduction in global hash rate and mining difficulty.» The company mined 34.73% more bitcoins than in June.
In June, MicroStrategy CEO Michael Saylor called China’s mining decisions a «trillion dollar mistake» and said it would benefit miners in North America.