July 2026 became a landmark month for Bitcoin mining. The network experienced two consecutive negative difficulty adjustments, while hashprice — a key indicator of miners' potential revenue — surged by nearly 16%. This combination of factors created a favorable environment for mining the first cryptocurrency after a prolonged period of price decline and margin compression.
Network Difficulty: A Rare Phenomenon
In July, there were two consecutive difficulty decreases: on July 11, the indicator fell by 5%, and on July 25, by another 0.74%. By the end of the month, difficulty stood at 126.23 TH/s. This continues the volatility that began back in June, when difficulty plunged by 10.09% on the 14th, then partially recovered by 7.15%.
Of particular note is the fact that network difficulty fell below its level from a year ago. In the entire history of Bitcoin, this has been observed only once before — in 2021, when China imposed a ban on mining, leading to a massive shutdown of capacity. The current dynamics are explained by a combination of factors: changes in mining economics amid the decline in BTC price, redistribution of investments and energy infrastructure in favor of AI/HPC projects, as well as the temporary shutdown of some capacity due to regional restrictions.
Hashprice Growth and Price Stabilization
In parallel with the decline in difficulty, hashprice rose. Between June 30 and July 31, the indicator increased from $27.60 to $31.93 per 1 PH/s per day, corresponding to a gain of 15.69%. The average Bitcoin price in July was $63,931.98, which is $752.45 higher than the June level. The trading range was $60,150.01–$66,433.19.
ASIC Miner Profitability Ranking
The leader in profitability in July was the Bitmain Antminer S21 XP 270 TH/s, maintaining its position from the first half of the year. Its monthly profitability was 1.12% (13.42% annually), with 0.0038313 BTC mined. Second place went to the Bitmain Antminer S21 PRO 234 TH/s MIX with a rate of 0.38% per month (4.56% annually) and 0.00332046 BTC mined. Rounding out the top three is the MicroBT Whatsminer M70 222 TH/s — 0.24% per month (2.92% annually) and 0.00315018 BTC.
However, not all models proved profitable. The Bitmain Antminer S21+ 235 TH/s MIX showed negative profitability of -0.07% annually, and the MicroBT Whatsminer M61S+ 240 TH/s — -0.55%. This underscores the critical importance of energy efficiency and hosting costs.
June-July showed how quickly network operating conditions can change. Evaluating mining efficiency based on a single difficulty adjustment or short-term price movement is a path to error. Investors and operators should focus on a long-term horizon, taking into account hashprice volatility and structural changes in the industry. The current difficulty correction is not an anomaly, but a signal to revise capacity management strategies.