Bitcoin Miners See Highest Profitability Since April Halving, JPMorgan Says

U.S.-listed bitcoin miners had a strong showing in July, with profitability hitting its highest level since April’s halving, according to a research note from JPMorgan published Friday.

“Bitcoin miners earned an average of $57,400 per exahash per second (EH/s) in daily block rewards last month, a 4% increase from June,” wrote analysts Reginald Smith and Charles Pearce. “This marks the most profitable period since the halving event.”

Despite the improvement, daily revenue and gross profit per EH/s remain well below pre-halving levels—down 43% and 50%, respectively, the analysts noted.

The halving, which occurs every four years, cut the block reward from 6.25 BTC to 3.125 BTC in April 2024. This event, by design, reduces new supply issuance, often squeezing margins for miners unless prices or efficiency improve.

The monthly average hashrate—an indicator of mining competition and difficulty—increased 4% to 899 EH/s in July after dipping in June due to high summer temperatures. Mining difficulty rose 9% by the end of the month and now stands 48% higher than pre-halving levels.

Performance across publicly listed miners varied. Ten of the thirteen U.S.-listed mining firms tracked by JPMorgan outpaced bitcoin’s return for the month. Argo Blockchain (ARBK) led the group with a 66% gain, while Core Scientific (CORZ) lagged with a 21% decline.