Bitcoin miners recorded their highest revenues in recent months, fueled by new all-time price highs.
The mining sector experienced a particularly profitable July, marking the highest earnings since the halving in April 2024. According to an analysis by JP Morgan shared with select industry outlets, miners capitalized on Bitcoin’s strong price performance, which reached new historic highs during the month.
JP Morgan analysts Reginald L. Smith and Charles Pearce noted that miners generated average daily revenues of $57,400 per EH/s (exahash per second) through block rewards.
The report highlighted that “July was another strong month for bitcoin miners,” with mining profitability reaching its highest levels since the halving. Ten of the thirteen miners tracked outperformed Bitcoin’s price appreciation for the month, which stood at around 8%.
Despite July’s record profits, daily revenues and gross profits per EH/s remain 43% and 50% below pre-halving levels, respectively.
The mining landscape has become even more challenging following a 9% increase in difficulty last month. This, combined with rising operational costs, has created a more competitive environment for miners.
