Bitcoin (BTC) miners loved one other robust month in July, with profitability reaching the best stage because the final halving occasion, Wall Avenue financial institution JPMorgan (JPM) mentioned in a analysis report Friday.
“Bitcoin miners earned a mean of $57,400 per EH/s in each day block reward income in July, up 4% from June, representing the best stage because the halving,” analysts Reginald Smith and Charles Pearce wrote.
Nonetheless, “each day income and gross revenue per EH/S are nonetheless 43% and 50% beneath pre-halving ranges, respectively,” the authors wrote.
The Bitcoin halving is a quadrennial occasion the place the reward for mining new blocks is halved. The newest halving was in April 2024, decreasing the reward from 6.25 to three.125 BTC per block.
The month-to-month common community hashrate, a proxy for competitors within the trade and mining issue, rose 4% to 899 exahashes per second (EH/s) in July, after a decline in June in response to hotter temperatures, the analysts wrote.
Mining issue was 9% larger on the finish of final month, and 48% larger than earlier than the final halving occasion, the report mentioned.
Ten of the 13 U.S.-listed miners that the financial institution tracks outperformed bitcoin in July.
By way of inventory efficiency, Argo Blockchain (ARBK) outperformed with a 66% achieve, whereas Core Scientific (CORZ) underperformed the group with a 21% decline, the report added.
Learn extra: Bitcoin Network Hashrate Declined in June as Miners Reacted to Recent Heatwave: JPMorgan