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- Bitcoin miners earned $1.66 billion in July 2025, the highest monthly total since the April 2024 halving event.
- Average daily revenue per EH/s rose 4% to $57.4K, though still 43% lower than the pre-halving levels.
After initially predicting a post-halving slowdown in April 2024, Bitcoin miners set a new revenue record in July 2025.
According to data from The Block, total revenue earned in a single month reached $1.66 billion, the highest figure since the block reward was halved last year. This figure was not without reason, as throughout July, Bitcoin’s price did indeed reach around $122,000, triggering increased network activity and, of course, a higher mining enthusiasm.
Bitcoin Miners Face Rising Costs Despite Record Revenue
But don’t immediately imagine miners celebrating. Behind these massive earnings, they also face equally hefty costs. According to data from the University of Cambridge, Bitcoin’s network electricity consumption during July reached 15.97 terawatt-hours (TWh), the highest in the past 12 months.
If converted to an electricity price of $0.05 per kilowatt-hour, that translates to approximately $798 million just to power the machines—not including hardware, cooling, and other operational costs. So, nearly half of miners’ revenue is spent on electricity bills alone.
Moreover, competition between miners has become increasingly fierce. The global hashrate rose to 899 EH/s, while mining difficulty jumped by around 9% throughout July. This increase made mining increasingly challenging, especially for those still relying on older hardware or who hadn’t migrated to areas with lower energy costs.
Fortunately, the network automatically adjusted at the end of June. The CNF noted that mining difficulty dropped by 7.5%, the sharpest drop since China’s mining ban in 2021. The cause? Extreme weather and power outages that suddenly reduced the global hashrate.
Power, Pressure, and Profit: The Harsh Reality for Miners
While things may seem rosy on the surface, miners are actually facing a lurking pressure. On a daily basis, the average earnings per exahash per second (EH/s) are only around $57,400, up 4% from the previous month, but still 43% lower than the pre-halving levels.
Furthermore, net profit per EH/s is reportedly 50% below the level at the start of the year, indicating that while gross revenue appears high, net profit margins are not necessarily satisfactory.
Furthermore, the high cost of ASIC hardware and fluctuating energy prices are narrowing margins. So, while the mining industry appears to be struggling to survive the halving, it has managed to survive through efficiency strategies and technological adaptations. Some major players have even begun exploring other businesses such as AI and cloud computing to diversify their revenue streams.
However, this surge in electricity consumption has once again opened a Pandora’s Box regarding the environmental impact of crypto mining. Many question how long this energy-intensive mining model can survive amid social pressures and environmental policies.
Several countries have begun tightening regulations, some even encouraging a migration to renewable energy sources as a prerequisite for operation.
Furthermore, with increasing network complexity and cost pressures, small miners are finding it increasingly difficult to compete. If this trend continues, the mining industry could become increasingly concentrated in the hands of large companies with access to cheap energy and sophisticated infrastructure.
