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Bitcoin’s mining rebound puts rival proof-of-work networks in focus
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Bitcoin’s mining rebound puts rival proof-of-work networks in focus

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  • Bitcoin miners generated US$875.35 million in July, up US$38.93 million from June’s US$836.41 million.
  • Bitcoin hash price rose from US$29.01 to US$31.59 per PH/s over 30 days, improving revenue from computing power.
  • Higher mining difficulty, BIP-110 signalling and competition for computing power remain key pressures across proof-of-work networks.

Bitcoin (CRYPTO:BTC)

Bitcoin (CRYPTO:BTC) miners earned US$875.35 million in July, rebounding from US$836.41 million in June but remaining below May’s US$1.086 billion.

Mining hashprice, which measures revenue earned from computing power, increased from US$29.01 to US$31.59 per PH/s over 30 days.

Bitcoin’s network hashrate was about 981 EH/s on 24 July, while difficulty stood at 127.17 trillion.

The Grafa report said Bitcoin’s next difficulty adjustment was projected to increase 1.87%, which could intensify competition for block rewards.

Litecoin (CRYPTO:LTC)

Litecoin (CRYPTO:LTC) remains an alternative ASIC-mined network, using the Scrypt algorithm instead of Bitcoin’s SHA-256 system.

Its mining economics are closely connected with Dogecoin because miners can secure both networks through merged mining using the same Scrypt computing work.

This structure gives Scrypt miners two potential reward streams without requiring separate machines for each network.

Dogecoin (CRYPTO:DOGE)

Dogecoin (CRYPTO:DOGE) uses auxiliary proof-of-work, allowing miners to earn DOGE while simultaneously contributing computing power to Litecoin.

The arrangement makes Dogecoin and Litecoin a distinct competitor to Bitcoin mining because one Scrypt ASIC setup can pursue rewards from both networks.

Profitability still depends heavily on token prices, electricity costs, hardware efficiency and changing network difficulty.

Ethereum Classic (CRYPTO:ETC)

Ethereum Classic (CRYPTO:ETC) remains a proof-of-work blockchain and provides a different mining market from Bitcoin’s industrial ASIC sector.

Mining analysis published in July identified Ethereum Classic as one of the clearer mainstream options for GPU miners, particularly operators already owning graphics hardware.

Its economics remain sensitive to electricity prices, network competition and ETC’s market price, making profitability variable rather than fixed.

Monero (CRYPTO:XMR)

Monero (CRYPTO:XMR) uses RandomX and has traditionally targeted general-purpose processors, creating another alternative to Bitcoin’s specialised ASIC mining model.

However, Bitmain’s X9 hardware has been advertised at 1 MH/s with 2,472 watts of power consumption, raising debate about specialised hardware within Monero mining.

Mining economics still depend on electricity costs, equipment efficiency, network difficulty and the value of XMR generated by each machine.

The bottom line

Bitcoin’s July revenue rebound shows how token prices and hashprice can quickly change proof-of-work economics, while Litecoin, Dogecoin, Ethereum Classic and Monero offer different hardware and reward models. Bitcoin miners also face an August difficulty adjustment, BIP-110 signalling and a planned eCash fork that could compete for SHA-256 computing power.

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