July Becomes Most Profitable Month for Bitcoin Miners Since April Halving
After months of squeezed margins, Bitcoin miners saw a sharp rebound in profitability during July—despite working under tougher post-halving conditions and rising operational stress.
A new analysis from JPMorgan suggests that July marked the most profitable stretch for miners since April’s halving event, even as mining difficulty reached record highs.
Bitcoin’s price surge to an all-time high of $122,838 helped drive that profitability. With a stable average through most of the month and only an 8% correction afterward, network-wide earnings spiked. JPMorgan analysts calculated that miners earned around $57,400 daily per EH/s, with a majority of publicly listed mining firms even outperforming Bitcoin’s price growth.
Yet this renewed profitability came with trade-offs. The network’s mining difficulty climbed by 9% in July alone, hitting a peak of 127.6 trillion, pointing to increased competition and rising energy demands. Block times have ticked slightly above the ideal 10-minute mark, now averaging around 10 minutes and 20 seconds, as hashrate pressure grows.
Meanwhile, net coin accumulation by top mining firms declined in the first half of the year, according to Farside Investors. Rising electricity costs and leaner block rewards (now 3.125 BTC post-halving) are thinning margins, despite bullish market conditions.
JPMorgan notes that, compared to pre-halving metrics, daily revenues and gross profits per EH/s are still 43% and 50% lower, respectively.
Mining stocks have reflected this volatility. Shares of MARA Holdings, the world’s largest publicly traded miner, dropped 3.6% last Friday—despite the company announcing $238 million in Q2 revenue and a 505% jump in net income to $808 million, driven largely by revalued Bitcoin holdings.
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Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
