Bitcoin (BTC) miners enjoyed another strong month in July, with profitability reaching the highest level since the last halving event, Wall Street bank JPMorgan (JPM) said in a research report Friday.
“Bitcoin miners earned an average of $57,400 per EH/s in daily block reward revenue in July, up 4% from June, representing the highest level since the halving,” analysts Reginald Smith and Charles Pearce wrote.
Still, “daily revenue and gross profit per EH/S are still 43% and 50% below pre-halving levels, respectively,” the authors wrote.
The Bitcoin halving is a quadrennial event where the reward for mining new blocks is halved. The most recent halving was in April 2024, reducing the reward from 6.25 to 3.125 BTC per block.
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The monthly average network hashrate, a proxy for competition in the industry and mining difficulty, rose 4% to 899 exahashes per second (EH/s) in July, after a decline in June in response to warmer temperatures, the analysts wrote.
Mining difficulty was 9% higher at the end of last month, and 48% higher than before the last halving event, the report said.
Ten of the thirteen U.S.-listed miners that the bank tracks outperformed bitcoin in July.
In terms of stock performance, Argo Blockchain (ARBK) outperformed with a 66% gain, while Core Scientific (CORZ) underperformed the group with a 21% decline, the report added.
** Read more: Bitcoin Network Hashrate Declined in June as Miners Reacted to Recent Heatwave: JPMorgan**
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