After months of squeezed margins, Bitcoin miners saw a sharp rebound in profitability during July—despite working under tougher post-halving conditions and rising operational stress.
A new analysis from JPMorgan suggests that July marked the most profitable stretch for miners since April’s halving event, even as mining difficulty reached record highs.
Bitcoin’s price surge to an all-time high of $122,838 helped drive that profitability. With a stable average through most of the month and only an 8% correction afterward, network-wide earnings spiked. JPMorgan analysts calculated that miners earned around $57,400 daily per EH/s, with a majority of publicly listed mining firms even outperforming Bitcoin’s price growth.
Yet this renewed profitability came with trade-offs. The network’s mining difficulty climbed by 9% in July alone, hitting a peak of 127.6 trillion, pointing to increased competition and rising energy demands. Block times have ticked slightly above the ideal 10-minute mark, now averaging around 10 minutes and 20 seconds, as hashrate pressure grows.
Meanwhile, net coin accumulation by top mining firms declined in the first half of the year, according to Farside Investors. Rising electricity costs and leaner block rewards (now 3.125 BTC post-halving) are thinning margins, despite bullish market conditions.
JPMorgan notes that, compared to pre-halving metrics, daily revenues and gross profits per EH/s are still 43% and 50% lower, respectively.
Mining stocks have reflected this volatility. Shares of MARA Holdings, the world’s largest publicly traded miner, dropped 3.6% last Friday—despite the company announcing $238 million in Q2 revenue and a 505% jump in net income to $808 million, driven largely by revalued Bitcoin holdings.
The information provided in this article is for informational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Kosta Gushterov
Reporter at Coindoo
Kosta joined the team in 2021 and quickly established himself with his thirst for knowledge, incredible dedication, and analytical thinking. He not only covers a wide range of current topics, but also writes excellent reviews, PR articles, and educational materials. His articles are also quoted by other news agencies.
Source: https://coindoo.com/july-becomes-most-profitable-month-for-bitcoin-miners-since-april-halving/