Summary
- JPMorgan announced that the profitability of Bitcoin mining companies reached its highest level in July since the halving.
- The JPMorgan report stated that daily revenue per EH/s and total profit remain 43% and 50% lower respectively than before the halving, indicating there are still profitability pressures.
- It was reported that 10 out of 13 U.S.-listed mining companies recorded stock price growth exceeding Bitcoin’s price performance in July.
It has been reported that the profitability of Bitcoin mining companies reached its highest level since the halving, as of last month.
According to CoinDesk, a media outlet specializing in virtual assets (cryptocurrencies), on the 1st (local time), JPMorgan stated in a recently published research report that "the daily average block reward revenue in July reached $57,400 per EH/s," noting this is "the highest level since the April 2024 halving." Mining revenue was analyzed to have increased by about 4% compared to the previous month.
The report said, "Daily revenue and total profit per EH/s are still 43% and 50% lower, respectively, compared to before the halving," adding, "Profitability pressures remain across the industry."
Meanwhile, out of the 13 U.S.-listed mining companies tracked by JPMorgan, 10 recorded stock price growth outpacing the price of Bitcoin in July. Among them, Argo Blockchain rose by 66%, showing the highest increase, while Core Scientific fell by 21%, exhibiting the weakest performance.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
