Despite Bitcoin’s price drop, big North American miners still recorded significant gains in revenue quarter-over-quarter as they released their financials for Q2 last week.

In what it describes as an effect of the China crypto mining ban, Luxor Mining which provides analysis, data, and hashrate insights says the American miners were able to produce about half of their total output of Bitcoin for Q2 in July alone. 

Going by presented data, it adds that the industry’s biggest players in North America continue to cash in on the China exodus, as seen in their revenue figures released by the big miners, their year-over-year increase is even more impressive.

Luxor Mining believes that a more explosive Q3 and Q4 should be expected for these players as more machines come online with time – hashprice currently at $0.3783, rig prices rising and total hashrate is up 5.7% on the 7 day at 119 EH/s.

China started cracking down on crypto mining activities within its borders after a May 2021 statement in which the Chinese Vice Premier Liu He and the State Council said that it is necessary to “crack down on Bitcoin mining and trading behavior” to protect the country’s financial system.

Since the exodus from China, there have been talks of major Chinese miners moving their operations to other parts of the world including North America. There have even been reports of North America, the US in particular, being the greatest beneficiary of the miners’ mass relocation. The revenue release is the first main proof of the view. 

“While the regulatory landscape is constantly changing, the trajectory is positive for Bitcoin,” says Mawson’s Nick Hughes-Jones whose US-based company this week announced the expansion of its Bitcoin mining farm to be a facility with a capacity of up to 400MW and be able to keep production costs down to less than US$4,000 per Bitcoin. He adds: 

“The competitive landscape has also changed materially of late, with miners exiting the industry or relocating to other geographic jurisdictions. We have seen the global hash rate falling materially and the difficulty level has adjusted in our favour. This has provided a huge tailwind for existing institutional miners like ourselves to add PH/s with the assistance of our long-term partners at Canaan.”

The crypto mining ban in China has been cited as responsible for a continually evolving Bitcoin mining landscape, which has seen the recent global hash rate fall and resulted in a difficulty level that has adjusted in favour of the likes of Mawson. 

The expansion of Mawson’s mining facility is to enable it to scale and produce 2,000 PH/s by the end of CY21 and 5,000 PH/s by the end of CY22, Hughes-Jones said. 

According to Glassnode, though, the Bitcoin mining market has continued to recover this week, with both hash rate and revenue per hash climbing. New all-time-highs in capital inflows also show a surge in profitable supply indicated by the recent accumulation zone.

Bitcoin miner revenue per hash has climbed by 57%, the data analytics firm states, returning to mid-2020 levels as the Great Migration continues. It adds that the typical 900 BTC mined per day are distributed between ~62.5% of the peak hash power seen in May.