Bitcoin mining earnings reach a new high monthly since halving, according to JP Morgan.
In July 2025, Bitcoin miners experienced their highest monthly profits since the April 2024 halving event. The surge in Bitcoin's price and sustained network engagement drove miners' revenues and profits to a post-halving peak, according to various reports.
The record high of $122,838 for Bitcoin in July significantly increased miners' block reward value, contributing to the profit spike. Despite a minor decline of about 8% after the peak, the steady Bitcoin price helped sustain revenues. Ten out of thirteen tracked major miners outperformed Bitcoin’s +8% price appreciation in the month.
The network's hashrate rose 4% to 899 EH/s, reflecting sustained mining activity. However, ongoing challenges persist for miners.
The halving of mining rewards in April 2024, dropping from 6.25 BTC to 3.125 BTC per block, lowered gross profits and daily revenues per EH/s by 43-50% compared to pre-halving levels. Additionally, the mining difficulty increased by 9% in July 2025, raising operational challenges.
Rising operational costs, including energy, equipment maintenance, and other expenses, continue to pressure profit margins. Intense competition among miners as network activity and difficulty climb further complicates the situation.
Despite the profit peak, the Bitcoin mining industry faces higher costs when Bitcoin prices drop. The industry is primarily composed of industrial-sized operations, typically warehouses full of computers processing transactions on the network.
The report, published by JP Morgan analysts Reginald L. Smith and Charles Pearce, references data from cryptocurrency markets data provider CoinGecko. However, the ongoing challenges maintain a challenging environment for sustaining these profits longer term.
On Friday, the share price of MARA Holdings, the world's largest miner, fell 3.6%. Despite this temporary setback, the post-halving profit peak underscores the potential for continued growth in the Bitcoin mining sector.
Sources: - [Mitrade][1] - [CoinTribune][2] - [Atlas21][3] - [CoinDesk][4]
[1] https://www.mitrade.com/insights/news/live-news/article-3-1007840-20250803 - [2] https://www.cointribune.com/en/bitcoin-miners-earn-1-66-billion-in-july-a-post-halving-record/ - [3] https://atlas21.com/mining-sees-record-profits-in-july-highest-since-the-halving/ - [4] https://www.coindesk.com/markets/2025/08/01/bitcoin-mining-profitability-last-month-hit-highest-level-since-the-halving-jpmorgan
- The record-high Bitcoin price in July 2025 significantly boosted Bitcoin miners' profits, as the surge raised the block reward value, contributing to the highest monthly profits since the April 2024 halving event.
- Ten out of thirteen major miners exceeded Bitcoin's +8% price appreciation in July 2025, signifying improved revenue generation within the industry.
- Network activity increased by 4% to 899 EH/s in July 2025, attesting to ongoing mining activity, yet challenges persist for miners due to factors like increased mining difficulty and operational costs.
- The halving of mining rewards in April 2024 lowered gross profits and daily revenues per EH/s by 43-50%, creating operational challenges for miners.
- Rising operational costs, including energy, equipment maintenance, and other expenses, continue to strain the profit margins of miners, while competition among industrial-sized operations further complicates the situation.
- The ongoing challenges in the Bitcoin mining industry keep a challenging environment for sustaining profits over the long term, as evidenced by the share price drop of MARA Holdings, the world's largest miner, by 3.6%, signifying temporary setbacks amidst the potential for continued growth in the sector.
