Huge bitcoin miners have a successful month

The past month has been a very positive month for Bitcoin (BTC) public miners. The bitcoin mining industry today consists of several huge, publicly traded companies. While bitcoin price fell slightly in July, these listed miners continue to expand their powers.

Listed BTC miners are expanding

Bitcoin miners compete with each other for the block reward and receive the corresponding transaction costs. It’s a constant race that requires quite a bit of processing power. Powerful, specialized computers are used to process complex cryptographic data HashSolve puzzles to add a new transaction block to the blockchain.

The hash rate, or the total computing power of the network, has hit record after record this year. This means that competition among miners is increasing, which also makes for an overall more secure network.

Looking at the past month, Marathon Digital and CleanSpark managed to improve their competitiveness the most among all public miners.

The operational hashrate of Marathon Digital rose 6.2 percent from 17.7 exahashes per second (EH/s) in June to 18.8 EH/s in July. The Nasdaq-listed company mined a total of 1,176 BTC over the past month. It was up 20 percent from the previous month and a 15-fold increase from July last year.

CleanSpark emerged as the winner in terms of operational hashrate growth. according to a press release Total computing power increased by more than 13 percent in July. In June, the company had more than 68,000 different miners and a total of 6.7 EH/s, now it has 88,000 miners and a hash rate of 7.6 EH/s

The hashrate of Riot Platforms and Bitfarms remained almost unchanged in July, at 10.7 EH/s and 5.3 EH/s, respectively.

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Stocks are recovering from the crypto bear market

Last week, public bitcoin miners also took a place in the bitcoin news due to the excellent price performance of the companies. In 2022, shares of the Bitcoin giants took a massive tumble amid the severe bear market, but this year the dark clouds seem to be giving way to the sun quickly.

With increases of hundreds of percent, many miners are easily outperforming this year’s huge surge in bitcoin price.

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