Bitcoin Miner winnings reached the highest monthly marking since halving: JP Morgan

Bitcoin Miner profits reached their highest monthly figure in July Since the last halving in April 2024, JP Morgan analysts wrote in a note published on Friday.

Miners could earn an average of $ 57,400 per EH/s in daily block revenue income, the analysts, Reginald L. Smith and Charles Pearce, wrote.

“July was another strong month for Bitcoin Miners,” said the report. “The profitability of mining reached the highest level since the most recent Halving (April ’24), and ten of the thirteen miners we follow, performed better than BTC price rating for the month (+8%).”

Bitcoin reached a record high of $ 122,838 in July, so that more than two months of freely steady profits were closed, and the price remained within 8% of that peak, even after withdrawal, according to Cryptocurrency Markets Data Provider Coingecko.

But miners have also confronted with constant challenges – iOperational costs and mining difficulties in combination with reduced rewards for verifying transactions on the blockchain. The report noted that “Daily turnover and gross profit per EH/s are 43% and 50% under pre-Halling levels respectively.”

During the month the mining difficulties increased by 9%.

The number of tokens that the top 11 miners have cumulatively added, decreased in four or the first six months of the year, according to the British asset manager Farside Investors, who had no July data yet.

In the most recent Halving, which takes place every four years, the reward dropped from 6.25 BTC to 3,125 BTC.

Mining activities, which require considerable electricity consumption, are confronted with higher costs when the Bitcoin prices fall, because it becomes more expensive to support activities.

The Bitcoin mining industry largely consists of industrial activities, usually warehouses full of computers that process transactions on the network. The enormous amounts of energy for these computer networks is difficult to become cheap.

On Friday, the share price of Mara Holdings, the world’s largest miner, fell 3.6%. Earlier in the week it revealed $ 238 million in the turnover of the second quarter, an increase of 64% of a year earlier. The net income rose 505% to a record of $ 808 million, partly due to a profit of $ 1.2 billion in the real value of Mara’s Bitcoin Holdings.