Bitcoin Mining Profitability Reaches Highest Level Since Last Halving
In July, Bitcoin (BTC) miners reported significant profitability, reaching the highest levels since the last halving event, as noted by JPMorgan (JPM) analysts Reginald Smith and Charles Pearce. Key points include:
- Average daily block reward revenue for miners was $57,400 per EH/s, a 4% increase from June.
- Revenue and gross profit per EH/s remain 43% and 50% below pre-halving levels.
- Bitcoin's most recent halving in April 2024 cut the mining reward from 6.25 to 3.125 BTC per block.
- The average network hashrate rose 4% to 899 EH/s in July.
- Mining difficulty increased by 9% month-over-month and is 48% higher than before the last halving.
- Of thirteen U.S.-listed miners tracked by JPMorgan, ten outperformed Bitcoin in July.
- Argo Blockchain (ARBK) led with a 66% stock gain; Core Scientific (CORZ) saw a 21% decline.