JPMorgan Declares July a Successful Month for Bitcoin Miners

In July, the profitability of Bitcoin mining by publicly traded companies in the United States reached its highest point since the last halving. This was reported by CoinDesk, referencing a report from JPMorgan.

Experts estimate that miners experienced «another successful month,» with an average revenue of $57,400 per EH/s of hash rate, marking a 4% increase from June.

However, analysts from the bank noted that «daily revenue and gross profit per EH/s are still 43% and 50% lower than pre-halving levels,» respectively.

The block reward was reduced from 6.25 BTC to 3.125 BTC in April 2024.

According to JPMorgan’s data, the network’s hash rate also increased by 4% in July, reaching 899 EH/s after a decline in the previous month.

The mining difficulty rose by 9% during this period and is currently 48% higher than the levels recorded before the last halving.

In July, 10 out of 13 companies tracked by JPMorgan outperformed Bitcoin in terms of growth. Argo Blockchain was the leader, with a 66% increase in stock prices, while Core Scientific showed the worst performance with a 21% decline.

As per BitcoinMiningStock, the share of publicly traded firms in Bitcoin’s global hash rate reached 37.5%.

Meanwhile, the American Bitcoin Corporation (ABC), linked to former U.S. President Donald Trump’s family, is nearing its debut on Nasdaq. According to TheMinerMag, the company announced plans in May to merge with the publicly traded Gryphon Digital Mining.

On July 31, ABC notified the U.S. Securities and Exchange Commission that a shareholder vote on the proposed acquisition would take place on August 27. The regulator approved the S-4 registration form, paving the way for the transaction.

Earlier this year, Hut 8 spun off American Bitcoin as a subsidiary, retaining a controlling stake in exchange for a fleet of mining rigs.

As of May 30, ABC had a hash rate of approximately 10 EH/s and aims to increase this number to 25 EH/s. Plans include a potential purchase of 15 EH/s of deployed rigs from Hut 8.

The largest public Bitcoin miner, Marathon Digital Holdings (MARA), reported in its quarterly statement that it acquired Teraflux devices worth $73.3 million from American startup Auradine in the first half of the year.

At the time of the last halving, MARA’s mining fleet was predominantly comprised of machines from Bitmain. However, in the following months, the company invested a total of $85.4 million in Auradine, secured a seat on the startup’s board, and shifted its equipment procurement to American-made products.

Amid uncertainty regarding tariffs, Canaan expanded its production capacity for miners in the U.S., while Bitmain announced plans to launch full-scale manufacturing in the country by early 2026.