Two consecutive negative Bitcoin network difficulty adjustments in July 2026 and a nearly 16% rise in hashprice have radically changed the economics of mining the first cryptocurrency. After a prolonged period of price decline, this has been a breath of fresh air for miners, and my analysis shows that the equipment market is entering a phase of redistribution of power.
Network difficulty declined twice in July: on the 11th by 5%, and on July 25 by another 0.74%. By the end of the month, the figure stood at 126.23 TH/s. This continues the volatile dynamics that began back in June, when difficulty plunged by 10.09% on the 14th and partially recovered by 7.15% on June 27. Such a decline in difficulty relative to the level of a year ago is an extremely rare phenomenon. In the entire history of Bitcoin, this situation has been observed only once, in 2021, when China imposed a ban on mining and shut down a significant portion of capacity.
In 2026, the reasons are different. It is a combination of factors: changes in mining economics amid the decline in BTC's price, the flow of investment and energy infrastructure into AI/HPC projects, as well as the temporary shutdown of some capacity due to regional restrictions. Notably, hashprice — an indicator of potential revenue per unit of hashing power — rose from $27.60 to $31.93 per 1 PH/s per day, i.e., by 15.69% over the month.
BTC price and market conditions
The average Bitcoin price in July was $63,931.98, which is $752.45 higher than the June level. The trading range was wide — from $60,150 to $66,433. This indicates stabilization after a prolonged downtrend, which, combined with the decline in difficulty, created a favorable environment for miners.
Profitability leaders: who won in July
The absolute leader in profitability was the Bitmain Antminer S21 XP 270 TH/s, which has held the top position since the first half of the year. Its profitability was 1.12% per month (13.42% annually), with a yield of 0.0038313 BTC. In second place was the Bitmain Antminer S21 PRO 234 TH/s MIX with a profitability of 0.38% per month (4.56% annually) and a yield of 0.00332046 BTC. Rounding out the top three was the MicroBT Whatsminer M70 222 TH/s with figures of 0.24% per month (2.92% annually) and 0.00315018 BTC.
Other models, including the Antminer S21+, Whatsminer M61S+, and M60S+, moved into negative profitability territory, underscoring the critical importance of energy efficiency. The yield range among the devices reviewed was 0.00289–0.00383 BTC per month, and the difference in final profit is determined precisely by the equipment's specifications.
My conclusion: the mining market is entering a phase where only the most efficient machines survive. The current dynamics of difficulty and hashprice are not just a temporary phenomenon, but a signal of a structural restructuring of the industry. Investors should assess efficiency not based on a single adjustment, but over a horizon of several months, focusing on energy efficiency and hosting costs.