July was a good month for Bitcoin miners as profits continued to rise
Date: 2025-08-04 Author: Oliver Abernathy Categories: BUSINESS
According to a report from JPMorgan, publicly traded US miners averaged $57,400 in profits per EH/s of hashrate in July, up 4% from June. While this is a significant improvement, analysts point out that the numbers remain 43% lower in daily revenue and 50% lower in gross profits compared to the period before the April 2024 halving, when the block reward fell from 6.25 BTC to 3.125 BTC.
July also saw a 4% increase in hashrate, reaching 899 EH/s after a decline in the previous month. At the same time, the network complexity has also increased by 9%, making it 48% more complex than before the crisis.
Of the 13 public companies tracked by JPMorgan, 10 have outperformed Bitcoin itself. Argo Blockchain showed the best result, with its shares growing by 66%, while Core Scientific showed the worst result, with a drop of 21%. The share of companies whose shares are traded on the stock exchange in the total bitcoin hashrate is now 37.5%, according to BitcoinMiningStock.
Infrastructure is also actively expanding. American Bitcoin Corporation (ABC), a company associated with the family of President Donald Trump, is approaching a listing on Nasdaq. In May, it announced plans to merge with Gryphon Digital Mining, which is already traded on the exchange. On July 31, ABC filed a notice of a shareholder vote with the SEC, which is scheduled for August 27. The regulator has approved the S-4 form, which paves the way for the completion of the deal.
Hut 8 previously spun off ABC into a separate structure, retaining a controlling stake. As of the end of May, ABC had a hashrate of 10 EH/s, with the goal of increasing it to 25 EH/s — including by buying out equipment from Hut 8 with a capacity of 15 EH/s.
At the same time, the largest public miner MARA reported that in the second quarter it received Teraflux equipment worth $73.3 million from the American startup Auradine. After the halving, the company began actively investing in Auradine, investing $85.4 million and receiving a seat on the board of directors, as well as starting to replace Chinese equipment with American equipment.
Amid uncertainty with tariffs, Chinese manufacturers are also adapting: Canaan has increased its capacity in the United States, and Bitmain announced the launch of its own production in the States in 2026.
