Last Month Marked Most Profitable Period for Bitcoin Miners Post-Halving, According to JPMorgan

Bitcoin Mining Sees Profitability Peak Post-Halving, JPMorgan Reports

Bitcoin miners recorded their strongest month since the April 2024 halving, according to a new report from JPMorgan. Analysts Reginald Smith and Charles Pearce noted that miners earned an average of $57,400 per exahash per second (EH/s) in daily block rewards during July — a 4% increase from June and the highest level since the halving event.

Despite the uptick, daily revenue and gross profit per EH/s remain 43% and 50% below pre-halving levels, highlighting continued margin pressures across the industry.

The network’s average hashrate rose 4% in July to 899 EH/s, recovering from a temporary June slowdown caused by heat-related constraints. Meanwhile, mining difficulty climbed 9%, ending the month 48% higher than levels seen prior to the April halving.

Out of 13 U.S.-listed bitcoin mining firms tracked by JPMorgan, 10 outperformed bitcoin in July. Argo Blockchain (ARBK) led with a 66% gain, while Core Scientific (CORZ) lagged, posting a 21% decline.

JPMorgan’s report suggests that while industry profitability is improving, miners still face significant economic headwinds in the post-halving environment.