Bitcoin Miners See Highest Profitability Since Halving, Says JPMorgan
Bitcoin miners had their most profitable month since the April 2024 halving, according to a Friday report by JPMorgan analysts Reginald Smith and Charles Pearce.
In July, miners earned an average of $57,400 per exahash per second (EH/s) in daily block rewards—up 4% from June and the highest level since the halving, which cut the per-block reward from 6.25 to 3.125 BTC.
Despite the improvement, JPMorgan noted that daily revenue and gross profit per EH/s still remain 43% and 50% below pre-halving levels, highlighting the ongoing economic challenges for the mining sector.
The network hashrate, a key indicator of mining competition and activity, rose 4% in July to 899 EH/s, rebounding after a dip in June due to heat-related slowdowns. Mining difficulty also increased, ending July up 9% month-over-month and 48% higher than before the halving.
Out of 13 U.S.-listed bitcoin mining companies tracked by the bank, 10 outperformed bitcoin in July. The standout performer was Argo Blockchain (ARBK), which surged 66%, while Core Scientific (CORZ) underperformed with a 21% drop.
The data signals growing strength among miners, though margins remain compressed compared to pre-halving levels, and operational efficiency will likely remain key to future performance.
