Bitcoin Miner Profits Surge to Post-Halving High in July: JPMorgan
Bitcoin miners posted their strongest month since the April 2024 halving, with profitability reaching a new high, according to a report from JPMorgan published Friday.
Miners earned an average of $57,400 per exahash per second (EH/s) in daily block rewards in July, up 4% from June. That marks the highest level of profitability since block rewards were halved from 6.25 BTC to 3.125 BTC in April.
“While earnings improved month-over-month, daily revenue and gross profit per EH/s remain 43% and 50% below pre-halving levels, respectively,” analysts Reginald Smith and Charles Pearce wrote.
The Bitcoin network’s average monthly hashrate climbed 4% to 899 EH/s, recovering from a June dip caused by high summer temperatures. Mining difficulty also increased by 9% in July, now sitting 48% higher than before the halving.
Stock performance among U.S.-listed bitcoin mining firms was mixed. Ten of the thirteen miners tracked by JPMorgan outperformed bitcoin itself during the month. Argo Blockchain (ARBK) led the pack with a 66% gain, while Core Scientific (CORZ) lagged with a 21% decline.
The report highlights a resilient recovery in the mining sector, even as long-term profitability remains constrained by higher difficulty and reduced rewards.
