In July, the profitability of mining the leading cryptocurrency by public companies in the United States reached its highest level since the last halving, according to CoinDesk, citing a report from JPMorgan.
Experts estimate that miners experienced “another successful month,” with average revenue of $57,400 per 1 EH/s of hash rate, marking a 4% increase compared to June.
However, “daily revenue and gross profit per EH/s remain 43% and 50% below pre-halving levels, respectively,” noted the bank’s analysts.
The reduction in block reward from 6.25 BTC to 3.125 BTC occurred in April 2024.
According to JPMorgan data, the network’s hash rate in July also increased by 4%, reaching 899 EH/s after a decline in the previous month.
Mining difficulty rose by 9% over the period. The current value of the parameter is 48% higher than recorded before the last halving.
Shares of 10 out of 13 companies tracked by JPMorgan outperformed the leading cryptocurrency in July. Argo Blockchain led with a 66% increase in stock prices, while Core Scientific showed the worst result with a 21% decline.
According to BitcoinMiningStock, the share of exchange-traded firms in the global bitcoin hash rate reached 37.5%.
Public Miners Expand Capacity
Meanwhile, the mining firm American Bitcoin Corporation (ABC), associated with the family of former U.S. President Donald Trump, is nearing a Nasdaq listing. 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 deal.
Earlier this year, Hut 8 spun off American Bitcoin as a subsidiary. The company retained a controlling stake in the new enterprise in exchange for a fleet of mining rigs.
As of May 30, ABC had a hash rate of about 10 EH/s. The company aims to increase this figure to 25 EH/s. Plans include the potential purchase of deployed rigs from Hut 8 with a total capacity of 15 EH/s.
The largest public bitcoin miner, MARA, indicated in a quarterly report that it received Teraflux devices from the American startup Auradine worth $73.3 million in the first half of the year.
At the time of the last halving, MARA’s fleet consisted almost entirely of Bitmain rigs. However, in the following months, the company invested a total of $85.4 million in Auradine, secured a seat on the startup’s board of directors, and transitioned to purchasing American-made equipment.
Amid uncertainty over customs duties, Canaan scaled its mining rig production capacity in the U.S. Bitmain announced plans to begin full-scale production in the country at the start of 2026.