Bitcoin miners earned $971 million in revenue during July

Monthly data collected by The Block Research shows that during the month of July, bitcoin miners hauled in just over $970 million.

The monthly total was $971.83 million, including transaction fees, per The Block's Data Dashboard. Transaction fees -- or the funds paid by users as they use the bitcoin network -- came in at $27.59 million.

The vast majority of the monthly revenue was in the form of subsidy earnings, with each new bitcoin block producing 6.25 BTC. Miners make profits when the cost of running a bitcoin mining operation is lower than the subsidies plus transaction fees they earn.

The monthly revenue figure represented an increase from June's $839.09 million, but still down from the all-time monthly high of $1.75 billion seen in March.

Bitcoin's price reached a high of $69,899 in mid-April, according to data from Coinbase.