Bitcoin Mining Profitability Reaches Highest Since Halving Last Month: JPMorgan
Bitcoin
$115,141.95 BTC miners made significant gains again in July, with profitability rising to its highest since the last halving, according to a research report released Friday by Wall Street bank JPMorgan (JPM).
“In July, Bitcoin miners averaged $57,400 per EH/s in daily block rewards, up 4% from June and the highest level since the halving,” analysts Reginald Smith and Charles Pierce said.
However, “daily revenue and gross profit on EH/S still remain 43% and 50% below pre-halving levels, respectively,” the authors note.
A Bitcoin halving is an event that occurs every four years when the reward for creating new blocks is cut in half. The last halving took place in April 2024, when the reward was reduced from 6.25 to 3.125 BTC per block.
Experts say the network's average monthly hashrate, which reflects industry competitiveness and mining difficulty, increased 4% to 899 exahashes per second (EH/s) in July after declining in June in response to rising temperatures.
The report also indicated that mining difficulty increased by 9% at the end of last month and is 48% higher than levels recorded before the last halving.
Of the thirteen miners listed on the U.S. exchange and tracked by the bank, ten outperformed Bitcoin in July.
The report also found that Argo Blockchain (ARBK) was the best performer in terms of stock performance, up 66%, while Core Scientific (CORZ) was the worst performer, down 21%.
Read more: Bitcoin network hashrate drops in June as miners react to recent heat wave: JPMorgan
Source: cryptonews.net
