Bitcoin Miner Revenues Surge to Highest Levels Since Halving, Says JPMorgan

Bitcoin Miner Profitability Hits Post-Halving High in July, Says JPMorgan

Bitcoin miners saw a notable rebound in profitability in July, reaching their most lucrative levels since the April 2024 halving event, according to a research note from JPMorgan published Friday.

“Miners earned an average of $57,400 per exahash per second (EH/s) in daily block rewards, a 4% increase from June,” analysts Reginald Smith and Charles Pearce wrote. “This marks the highest profitability since the halving.”

Still, key profitability metrics remain well below pre-halving benchmarks. Daily revenue and gross profit per EH/s are down 43% and 50%, respectively, compared to levels prior to the reward cut in April.

The halving event, which occurs every four years, reduced the bitcoin block reward from 6.25 to 3.125 BTC, cutting new supply and pressuring miner margins.

Despite those headwinds, competition continued to increase. The average monthly network hashrate rose 4% to 899 EH/s in July, following a brief dip in June attributed to summer heat. Mining difficulty rose 9% by month’s end and now sits 48% higher than pre-halving levels.

Performance among publicly traded miners was mixed. Ten of the thirteen U.S.-listed mining firms tracked by JPMorgan outperformed bitcoin in July. Argo Blockchain (ARBK) was the top performer, gaining 66%, while Core Scientific (CORZ) lagged the group with a 21% decline.