Bitcoin’s network power (hashrate) grew 4% in July, and mining difficulty rose 9%, making mining more competitive. Mining revenue hit its highest since halving, but profits are still down.

Bitcoin miners had a very profitable July. According to JPMorgan, the average daily revenue from mining reached $57,400 per exahash per second (EH/s). This is the highest level since the last Bitcoin halving event in April 2024.

However, despite this growth, daily revenue and profits are still 43% and 50% lower than before the halving. This means mining is not as profitable as it used to be.

The Bitcoin network’s hashrate, which shows how much mining power is active, increased by 4% in July to 899 EH/s. Mining difficulty, which measures how hard it is to mine Bitcoin, also rose by 9% compared to June, making mining more competitive.

Among the U.S.-listed Bitcoin miners tracked by JPMorgan, 10 out of 13 performed better than Bitcoin’s price in July. Argo Blockchain’s stock gained the most, rising by 66%, while Core Scientific’s stock dropped by 21%.