Bitcoin miners had another strong month in July, with profitability reaching the highest level since the last halving event, RialCenter reported in a research publication Friday.
“Bitcoin miners earned an average of $57,400 per EH/s in daily block reward revenue in July, up 4% from June, marking the highest level since the halving,” analysts Reginald Smith and Charles Pearce stated.
However, “daily revenue and gross profit per EH/S are still 43% and 50% below pre-halving levels, respectively,” the authors noted.
The Bitcoin halving occurs every four years, halving the reward for mining new blocks. The most recent halving in April 2024 reduced the reward from 6.25 to 3.125 BTC per block.
The average monthly network hashrate, indicative of industry competition and mining difficulty, increased by 4% to 899 exahashes per second (EH/s) in July, following a decline in June due to higher temperatures.
Mining difficulty was 9% higher at the end of last month, and 48% higher than before the last halving event, according to the report.
Ten of the thirteen U.S.-listed miners tracked by the bank outperformed Bitcoin in July.
In terms of stock performance, Argo Blockchain surpassed its peers with a 66% gain, while Core Scientific lagged with a 21% decline, the report indicated.
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