Bitcoin mining profitability reached its highest level since half last month: jpmorgan

Bitcoin

The miners enjoyed another strong month in July, reaching the highest level of profitability since the last half of the event, Wall Street Bank JPMorgan (JPM) said in a survey report on Friday.

“Bitcoin Miner averaged $57,400 per EH/s in daily block reward revenue in July, up 4% since June, and is at its highest level since half,” wrote analysts Reginald Smith and Charles Pierce.

Still, “Daily revenue and total profit per EH/s are below 43% and 50% respectively,” the author writes.

Bitcoin Harving is a square event that will earn you half the reward for mining new blocks. The latest half was April 2024, reducing the reward from 6.25 to 3.125 BTC per block.

The monthly average network hashrate, a proxy for competition and mining difficulties in the industry, fell in June, then rose 4% in July to 899 seconds (EH/s), responding to high temperatures, analysts wrote.

Mining difficulty was 9% higher at the end of last month, 48% higher than before the last half of the event, the report said.

Ten of 13 US listed miners tracking banks as superior to Bitcoin in July.

In terms of inventory performance, Argo Blockchain (ARBK) was superior with a profit of 66%, while Core Scientific (CORZ) reduced group performance by a 21% decline, the report added.

read more: Bitcoin Network Hash Rates fell in June as miners responded to the recent heat wave: JPMorgan