U.S. mining companies collectively generated 58% more Bitcoin after China's mining operations were halted
U.S. mining companies collectively generated 58% more Bitcoin after China's mining operations were halted By Angel Di Matteo @shadowargelThe

drop in hash

levels and network difficulty translated into a great opportunity for mining companies in the US, which had a better performance during the month of July versus June this year.

Recently published reports detail that some five Bitcoin mining companies operating in North America and listed on the respective stock exchanges, managed to produce 58% more BTC

funds due to the cessation of operations of companies in this sector based in China

.

According

to published reports, the companies Marathon Digital, Riot Blockchain, Argo Blockchain, Bitfarm and Hut8 had good results last July, mining together more than 1,800 BTC in just 30 days of operations, without this implying a greater investment in specialized machinery or an increase in the levels of hash

contributed by these companies.

Analysts and enthusiasts highlight that what happened was due to the significant drop in hash levels (processing power) and difficulty registered by the Bitcoin

network, which began to be affected since last May after the announcements made by the Chinese government against the commercialization and mining of cryptocurrencies within the Asian country. Caída en los niveles de dificultad de la red Bitcoin<img src=”https://www.diariobitcoin.com/wp-content/uploads/2021/08/Caida-en-los-niveles-de-dificultad-de-la-red-Bitcoin-660×363.jpg 660w, https://www.diariobitcoin.com/wp-content/uploads/2021/08/Caida-en-los-niveles-de-dificultad-de-la-red-Bitcoin-840×462.jpg 840w, https://www.diariobitcoin.com/wp-content/uploads/2021/08/Caida-en-los-niveles-de-dificultad-de-la-red-Bitcoin-768×423.jpg 768w, https://www.diariobitcoin.com/wp-content/uploads/2021/08/Drop-in-difficulty-levels-of-the-Bitcoin-network.jpg 1028w” alt=”Drop-in-difficulty-levels-of-the-Bitcoin-network” width=”660″ height=”363″ />Drop-in-difficulty-levels-of-the-Bitcoin-network. Image from Blockchain.com

This unprecedented event generated a massive exodus of mining companies based in China, which had to stop their operations until they were able to establish themselves in other latitudes that are more friendly in legal and energy matters. As the aforementioned indicators have fallen, this has resulted in higher profits for mining groups and mining companies operating outside the Chinese market.

Better results in July

Making the due breakdown of capitalized earnings, mining companies obtained the following results for the past month of July

:

  • Riot: 444 BTC mined in July. Growth of 82% compared to June.
  • Marathon: 442 BTC mined in July. Growth of 66.4% compared to June.
  • Bitfarm: 391 BTC mined in July. 47.5% growth over June.
  • Hut8: 300 BTC mined in July. Growth of 53.8% compared to June.
  • Argo: 225 BTC mined in July. 43.7% growth over June.
  • Total mined – 1,802 BTC. Growth of 58.6% over June.

In this regard, Marathon CEO Fred Thiel commented:

“Due primarily to favorable changes in the global hash rate, July proved to be an immensely productive month for our mining operations.”

For his part, Argo

CEO Peter Wall backed up Thiel’s statements and claimed that the drop in distress levels also made it possible for the company to derive better results.

Bitcoin surpasses USD $46,000 this August 11

Moreover, the results capitalized by the aforementioned companies also look especially good in light of the increase capitalized by Bitcoin

in recent weeks, especially this August 11 as the digital currency surpassed the USD $46,000 per unit barrier.

As of press time, each Bitcoin unit is trading at around USD $46,381 and is up 1.9% in the last 24 hours. It is worth noting that its market capitalization exceeds USD $870.745 billion, thus surpassing the likes of Tesla, Visa, Alibaba and Tencent

.

Recommended reading

Source: TheBlockCrypto, Blockchain.com, CompaniesMarketCap

Version by Angel Di Matteo / DiarioBitcoin

Image by Unsplash