Bitcoin mining profitability recorded its highest level since the halving in July: JP Morgan | CoinDesk JAPAN

• According to the report, the profitability of Bitcoin miners was strong in July, with the average block reward revenue reaching $57,400 per day per EH/s. This is the highest level since the last Halving.
• Despite strong performance, JP Morgan pointed out that the daily revenue and gross profit per 1EH/s are only 43% and 50%, respectively, falling below the levels seen before the Halving.
• The network's hash rate increased by 4% in July, reaching 899 EH/s, and JP Morgan pointed out that the mining difficulty had risen by 9% compared to June by the end of the month. These reflect the intensification of competition.

JP Morgan analysts Reginald Smith and Charles Pearce stated, "Bitcoin miners are earning an average block reward revenue of $57,400 (approximately 8.33 million yen, based on an exchange rate of 145 yen to 1 dollar) per EH/s (exahash per second) in July. This is a 4% increase compared to June and the highest level since the Halving."

However, both pointed out that "the daily revenue and gross profit per 1EH/s are only 43% and 50%, respectively, which are below the levels before the Halving."

The Bitcoin Halving is an event that occurs every four years, during which the reward for mining new blocks is halved. The most recent halving took place in April 2024, reducing the reward per block from 6.25BTC to 3.125BTC.

Analysts indicate that the monthly average network hash rate, a benchmark for competition within the industry and mining difficulty, decreased in June due to rising temperatures, but increased by 4% in July, reaching 899 EH/s.

According to this report, the mining difficulty has increased by 9% as of the end of last month, and it has increased by 48% compared to the most recent halving.

Of the 13 U.S.-listed miners tracked by JP Morgan, 10 outperformed Bitcoin in July.

Analysts pointed out that Argo Blockchain has risen by 66%, surpassing the average performance of this group. On the other hand, Core Scientific has fallen by 21%, below the group's average.

| Translation and Editing: Rina Hayashi | Image: Shutterstock ｜Original: Bitcoin Mining Profitability Last Month Hit Highest Level Since the Halving: JPMorgan

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