North American miners increase bitcoin mining by 58% in July

August 11, 2021


North American miners increase bitcoin mining by 58% in July

Five North American public miners collectively mined a total of 1,802 BTC in July. That's a 58% increase over June's figure, according to The Block.

July was a productive month for Marathon Digital, Riot Blockchain, Argo Blockchain, Bitfarms and Hut 8, even though 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 bitcoin mining complexity, which occurred in early July. The figure then declined by a further 4.8%.

The complexity correlates with the hash rate, which collapsed in June amid a crackdown on mining in China. The actions of the country's authorities resulted in a significant increase in mining capacity outside the Middle Kingdom.

Of the five companies, Riot and Marathon were the biggest winners, with month-on-month increases in bitcoin mining of 82% and 66.42% respectively. Marathon, meanwhile, had an unchanged fleet of around 19,000 ASIC miners for July. Riot also said that due to infrastructure upgrades, it postponed the rollout of recently received devices until August.

Blockchain CEO

Argo Blockchain CEO Peter Wall attributed the rise in mining to the fact that "the firm was able to benefit from a reduction in global hash rate and mining complexity". The company mined 34.73% more bitcoins than it did in June.

Recall that in June, MicroStrategy CEO Michael Saylor called the Chinese authorities' decisions on mining a "trillion-dollar mistake" and said it would benefit miners in North America.

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