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Bitcoin miners earned the most monthly revenue since April 2024 halving
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Daily block rewards hit $57,400 per EH/s
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10 of 13 tracked miners outperformed BTC in July
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Rising BTC price helped offset higher costs and difficulty
Miners See Record Revenue Since April Halving
Bitcoin miners had their most profitable month since the April 2024 halving, according to a JP Morgan report. Analysts say miners earned an average of $57,400 per EH/s in daily block rewards during July.
This marks a strong recovery from earlier in the year, where profitability dipped due to rising costs and reduced block rewards.
What Helped Drive Profitability
The key factor was Bitcoin’s price surge. BTC reached an all-time high of $122,838 in July and has stayed close to that level. As prices rise, mining operations generate more revenue per block, even with lower rewards per block after the halving.
Miners also benefitted from strong market performance. Ten out of the 13 tracked mining companies outpaced Bitcoin’s price gains for the month, showing that operations with good efficiency and scale were rewarded.
Challenges Remain Despite Gains
Despite the solid month, miners still face challenges. Daily revenue and gross profit per EH/s remain below pre-halving levels by 43% and 50%, respectively. Mining difficulty also increased by 9% in July, adding more strain to smaller or less efficient operators.
While mining remains energy-intensive and capital-heavy, the current price levels are giving well-run miners room to grow and remain competitive.
