JPMorgan: Bitcoin Mining Profitability Reached Highest Level Since Halving Last Month

According to ChainCatcher, citing a report from CoinDesk, JPMorgan (JPM) released a research report on Friday indicating that Bitcoin miners saw another strong performance in July, with profitability reaching its highest level since the last halving event.

In July, Bitcoin miners earned an average daily income of $57,400 per EH/s from block rewards, a 4% increase compared to June and the highest level since the halving. However, daily income and gross profit per EH/s were still 43% and 50% lower, respectively, than pre-halving levels.

The average monthly network hash rate rose by 4% in July to 899 EH/s, after declining in June due to higher temperatures. At the end of last month, mining difficulty increased by 9%, up 48% compared to before the last halving event.

Among the thirteen US-listed mining companies tracked by the bank, ten outperformed Bitcoin in July. In terms of stock performance, Argo Blockchain (ARBK) stood out with a 66% increase, while Core Scientific (CORZ) underperformed, falling by 21%.