- Bitcoin miners recorded their highest monthly profits since April 2024 in July.
- Average daily block reward revenue reached $57,400 per EH/s, according to JP Morgan analysts.
- The price of Bitcoin hit a record $122,838 in July, supporting mining profits.
- Mining difficulty increased by 9% over the month, while revenue and profits remained below pre-halving levels.
- Top mining firms saw mixed results, with MARA Holdings reporting a 64% revenue increase in the second quarter.
Bitcoin miners saw strong profits in July, reaching their highest monthly earnings since the halving event in April 2024. According to JP Morgan analysts, miners earned an average of $57,400 per exahash per second (EH/s) in daily block rewards during the month.
The rise in profits came as Bitcoin’s price touched a record $122,838, following steady gains over more than two months. JP Morgan’s Reginald L. Smith and Charles Pearce noted that mining profitability in July was the highest since the April halving, with ten out of thirteen tracked miners outperforming the 8% price increase of Bitcoin itself.
“July was another strong month for Bitcoin miners,” said the report. “Mining profitability reached the highest level since the most recent halving (Apr ’24).” Despite the gains, the report also pointed out that daily revenue and gross profit per EH/s are still 43% and 50% lower than pre-halving figures. Mining difficulty saw a 9% increase during July, further challenging operations.
The halving, which occurs every four years, reduced the reward for verifying transactions on the Bitcoin network from 6.25 to 3.125 BTC. Although the reward decreased, the increase in Bitcoin’s market value helped miners maintain profitability. Large mining operations, often housed in warehouse-scale facilities, continue to grapple with high electricity costs, especially when Bitcoin prices dip.
Data from U.K. asset manager Farside Investors showed that the cumulative number of tokens added by the top 11 miners declined in four of the first six months of the year. July data was not yet available.
On the corporate side, MARA Holdings, recognized as the world’s largest miner, saw its share price drop 3.6% on Friday, even after reporting $238 million in revenue for the second quarter—a 64% jump from the previous year. Net income rose to a record $808 million, largely due to a $1.2 billion gain in the fair value of its Bitcoin holdings. Details can be found in their official statement. For the latest Bitcoin Price data, see CoinGecko.
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