Bitcoin miners are celebrating their most profitable month since the April 2024 halving, with July revenue reaching an impressive $1.66 billion. This haul represents a significant 19.42% increase from June’s total of $1.39 billion, marking a welcome windfall for miners who have navigated a challenging period following the halving event.
A Return to Profitability Driven by Price
The substantial increase in revenue can be largely attributed to Bitcoin’s price action throughout July, which saw the digital asset rebound from its 2025 lows to set a new all-time high. This bullish momentum provided a much-needed boost to miners’ earnings, which are a combination of block rewards and transaction fees.
According to data from theblock.co, July’s total earnings of $1.66 billion came close to the $1.79 billion that miners raked in back in April 2024, just before the halving. However, a key difference between these two periods is the composition of the revenue. In April 2024, a significant portion of the earnings—a hefty $281.47 million—came from on-chain fees. In contrast, July 2025 saw only $16.43 million from on-chain fees, highlighting that the recent profitability is primarily a function of the higher Bitcoin price rather than a surge in network activity and transaction demand.
Hashprice and Network Dynamics
Hashprice, a metric that estimates the value of 1 petahash per second (PH/s) of hashpower per day, held up decently in July but has shown signs of a dip as August begins. On July 2, hashprice stood at $58.40, but it has since slipped to $56.76, a 2.81% decline. This means that a full exahash per second (EH/s) now fetches $56,760, down from $58,400 a month ago.
This dip in hashprice has put renewed pressure on miners. The total network hashrate, a measure of the total computing power dedicated to mining, peaked at 943 EH/s on July 26 but has since eased down to 900.29 EH/s. Additionally, block times have stretched out, averaging 10 minutes and 16 seconds on Saturday. If this pace continues, miners could be looking at a difficulty drop when the next adjustment hits on August 9, 2025. This would temporarily make it easier and more profitable to find blocks, potentially enticing some miners back to the network.
While the high revenue in July is a positive signal for the mining industry, the declining hashprice and hashrate at the beginning of August suggest that the market remains sensitive to price fluctuations. The coming difficulty adjustment will be a key event to watch as miners seek to maintain profitability in a highly competitive environment.
