2 weeks ago
Bitcoin (BTC) miners enjoyed different beardown period successful July, with profitability reaching the highest level since the past halving event, Wall Street slope JPMorgan (JPM) said successful a probe study Friday.
"Bitcoin miners earned an mean of $57,400 per EH/s successful regular artifact reward gross successful July, up 4% from June, representing the highest level since the halving," analysts Reginald Smith and Charles Pearce wrote.
Still, "daily gross and gross nett per EH/S are inactive 43% and 50% beneath pre-halving levels, respectively," the authors wrote.
The Bitcoin halving is simply a quadrennial lawsuit wherever the reward for mining caller blocks is halved. The astir caller halving was successful April 2024, reducing the reward from 6.25 to 3.125 BTC per block.
The monthly mean web hashrate, a proxy for contention successful the manufacture and mining difficulty, roseate 4% to 899 exahashes per 2nd (EH/s) successful July, aft a diminution successful June successful effect to warmer temperatures, the analysts wrote.
Mining trouble was 9% higher astatine the extremity of past month, and 48% higher than earlier the past halving event, the study said.
Ten of the thirteen U.S.-listed miners that the slope tracks outperformed bitcoin successful July.
In presumption of banal performance, Argo Blockchain (ARBK) outperformed with a 66% gain, portion Core Scientific (CORZ) underperformed the radical with a 21% decline, the study added.
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