Bitcoin miners just had their biggest payday since the April 2024 halving. In July 2025 alone, they raked in $1.66 billion, a new monthly record post-halving.
On average, miners earned $57.4K per exahash per second (EH/s) per day, up 4% from June, though still 43% below what they were making before the halving.
Bitcoin’s Surge to $122K Helped Push Revenue Higher
So, what drove the spike? For starters, Bitcoin’s price climbed to around $122,000 in July, fueling more network activity and sending mining revenue up.
But while the numbers look strong, the reality is more complicated.
Rising Costs Are Eating Into Profits
Powering all that mining isn’t cheap. Data from the University of Cambridge shows Bitcoin’s network used nearly 15.97 TWh of electricity in July, the highest in the past year.
At an estimated rate of $0.05 per kilowatt-hour, that’s about $798 million spent on electricity alone. And that doesn’t even include other operational costs like hardware, cooling systems, or maintenance.
In other words, nearly half of that $1.66 billion revenue is going straight to energy bills.
Competition Is Heating Up
Miners aren’t just dealing with rising costs, the competition is also getting tougher. The global hashrate climbed to 899 EH/s, and mining difficulty rose around 9% during the month.
This makes mining more resource-intensive, especially for those using outdated equipment or based in regions with high energy prices.
At the end of June, the network adjusted: mining difficulty dropped by 7.5%, the biggest decline since China’s 2021 crackdown. Power outages and extreme weather were to blame for the sudden global hashrate drop.
Margins Are Getting Thinner
Despite the record revenue, profit margins are getting squeezed. Daily earnings per EH/s may be slightly higher than last month, but they’re still 43% below pre-halving levels.
Reports show that net profit per EH/s is now 50% lower than it was at the start of the year. That means miners are working harder and spending more, for less.
Between expensive ASIC machines, volatile electricity prices, and rising difficulty, the industry’s under pressure. Some large mining firms are even expanding into AI and cloud computing to offset shrinking margins.
The Environmental Debate Isn’t Going Away
As electricity use surges, so does scrutiny over Bitcoin mining’s environmental footprint. Critics are once again raising questions about the sustainability of an energy-hungry model.
In response, several countries are starting to tighten regulations. Some are even pushing miners to shift toward renewable energy as a condition for continuing operations.
Smaller miners are especially feeling the squeeze. Without access to cheap power or the latest hardware, they’re finding it harder to stay afloat. If current trends continue, the mining landscape may become even more dominated by a few big players with deep pockets and high-end infrastructure.
Disclaimer: This content does not constitute trading or investment recommendations. It’s essential to conduct your own research before purchasing any cryptocurrency or investing in any services.
