Bitcoin Mining Revenue in July Hits Post-Halving Peak

JPMorgan reports that bitcoin mining profitability surged 4% in July 2025, reaching the highest level since the last halving event in April 2024. Strong market performance and rising hashrate drove this growth.

Miner earnings improve despite lower block rewards

According to JPMorgan’s research, bitcoin miners earned an average of $57,400 per exahash per day in July 2025. This marked a 4% increase from June and represented the highest profitability since the April 2024 halving, when block rewards dropped from 6.25 to 3.125 BTC.

Still, analysts noted that daily revenue per EH/s remains 43% below pre-halving levels, and gross profit is down 50%. Despite reduced rewards, miners benefited from BTC’s price recovery and greater operational efficiency.

Hashrate and difficulty continue upward trend

The average network hashrate rose 4% month-over-month, reaching 899 EH/s in July. Mining difficulty also climbed by 9% during the month and is now 48% higher than it was before the last halving.

Of the 13 U.S.-listed miners tracked by JPMorgan, 10 outperformed bitcoin in July. Argo Blockchain led with a 66% stock gain, while Core Scientific lagged with a 21% drop, according to the report.