Bitcoin Mining Profitability Last Month Hit Highest Level Since the Halving: JPMorgan

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Bitcoin (BTC) miners loved one other robust month in July, with profitability reaching the highest degree since the final halving occasion, Wall Street financial institution JPMorgan (JPM) mentioned in a analysis report Friday.

“Bitcoin miners earned an average of $57,400 per EH/s in daily block reward revenue in July, up 4% from June, representing the highest level since the halving,” analysts Reginald Smith and Charles Pearce wrote.

Still, “daily revenue and gross profit per EH/S are still 43% and 50% below pre-halving levels, respectively,” the authors wrote.

The Bitcoin halving is a quadrennial occasion the place the reward for mining new blocks is halved. The most up-to-date halving was in April 2024, lowering the reward from 6.25 to three.125 BTC per block.

The month-to-month common community hashrate, a proxy for competitors in the trade and mining issue, rose 4% to 899 exahashes per second (EH/s) in July, after a decline in June in response to hotter temperatures, the analysts wrote.

Mining issue was 9% increased at the finish of final month, and 48% increased than earlier than the final halving occasion, the report mentioned.

Ten of the 13 U.S.-listed miners that the financial institution tracks outperformed bitcoin in July.

In phrases of inventory efficiency, Argo Blockchain (ARBK) outperformed with a 66% acquire, whereas Core Scientific (CORZ) underperformed the group with a 21% decline, the report added.

Read extra: Bitcoin Network Hashrate Declined in June as Miners Reacted to Recent Heatwave: JPMorgan

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