Bitcoin (BTC) miners enjoyed another strong month in July, with profitability reaching the highest level since the last halving event, Wall Street bank JPMorgan (JPM) said in a research report Friday.

"Bitcoin miners earned an average of $57,400 per EH/s in daily block reward revenue in July, up 4% from June, representing the highest level since the halving," analysts Reginald Smith and Charles Pearce wrote.

Still, "daily revenue and gross profit per EH/S are still 43% and 50% below pre-halving levels, respectively," the authors wrote.

The Bitcoin halving is a quadrennial event where the reward for mining new blocks is halved. The most recent halving was in April 2024, reducing the reward from 6.25 to 3.125 BTC per block.

The monthly average network hashrate, a proxy for competition in the industry and mining difficulty, rose 4% to 899 exahashes per second (EH/s) in July, after a decline in June in response to warmer temperatures, the analysts wrote.

Mining difficulty was 9% higher at the end of last month, and 48% higher than before the last halving event, the report said.

Ten of the thirteen U.S.-listed miners that the bank tracks outperformed bitcoin in July.

In terms of stock performance, Argo Blockchain (ARBK) outperformed with a 66% gain, while Core Scientific (CORZ) underperformed the group with a 21% decline, the report added.

Read more: Bitcoin Network Hashrate Declined in June as Miners Reacted to Recent Heatwave: JPMorgan

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