The Bitcoin miners (BTC) enjoyed another strong month in July, with a profitability that reached the highest level from the last half event, said Wall Street Bank Jpmologgan (JPM) in a research report on Friday.
“The Bitcoin miners obtained an average of $ 57,400 for EH/s in the daily block reward in July, 4% more than in June, representing the highest level from the middle,” wrote the analysts Reginald Smith and Charles Pearce.
Even so, “daily income and gross profits for EH/s remain 43% and 50% below the levels prior to the audience, respectively,” the authors wrote.
Half of the half of Bitcoin is a quadrenal event where the mining reward is reduced by half the new blocks. The most recent half was in April 2024, reducing the reward from 6.25 to 3,125 BTC per block.
Hashrat’s monthly average network, a proxy for competition in industry and mining difficulty, increased 4% to 899 exahashes per second (EH/s) in July, after a decrease in June in response to warmer temperatures, analysts wrote.
The mining difficulty was 9% higher at the end of last month, and 48% higher than before the last half event, according to the report.
Ten of the thirteen miners in the American list that the bank trace overcome Bitcoin in July.
In terms of actions of shares, Argo Blockchain (ARBK) exceeded a gain of 66%, while Core Scientific (Corz) had a lower performance of the group with a 21%decrease, the report added.
Read more: Bitcoin Network hashrate decreased in June when the miners reacted to the recent heat wave: JPMorgan
