⚒️ Bitcoin Mining Profitability Hits Post-Halving High in July: JPMorgan
Bitcoin miners enjoyed their most profitable month since the April 2024 halving, with daily block reward revenues climbing steadily, JPMorgan reported Friday.
🔑 What to Know:
Daily Mining Revenue:
▸ $57,400 per EH/s, up 4% from June
▸ Highest since halving, but still
▸ 43% below pre-halving revenue
▸ 50% below pre-halving gross profit
Hashrate & Competition:
▸ Network hashrate: +4% → 899 EH/s
▸ Mining difficulty: +9% in July (48% above pre-halving)
Stock Market Standouts:
▸ Top performer: Argo Blockchain (+66%)
▸ Worst performer: Core Scientific (–21%)
📉 Context: What’s a Halving?
The Bitcoin halving (April 2024) cut mining rewards from 6.25 to 3.125 BTC per block. While this historically boosts long-term price, it pressures short-term miner profits — unless network fees or BTC price rise meaningfully.
📊 JPMorgan Commentary:
“Miners saw solid recovery in July, but profits remain far from pre-halving levels despite a favorable trend,” wrote analysts Reginald Smith and Charles Pearce.
📌 Takeaway:
Bitcoin miners are adapting post-halving, but rising competition, difficulty, and limited fee revenue continue to cap profitability. Nonetheless, strong performers like Argo Blockchain show there's still room for selective outperformance in the mining sector.
