July 2026 became a turning point for Bitcoin miners. The network experienced two consecutive difficulty decreases, and hashprice surged by nearly 16%. This rare combination of factors created a favorable environment for mining, especially against the backdrop of a prolonged correction in the price of the leading cryptocurrency.

My analysis of the data at the end of the month shows that network difficulty was revised downward twice: on July 11, the metric fell by 5%, and on July 25, by another 0.74%. By the end of the month, difficulty settled at 126.23 TH/s. This volatility continued the trend that began in June, when we observed a sharp drop of 10.09% on June 14, followed by a partial recovery of 7.15% on June 27.

Market anomaly: what is happening with the hash rate?

Particularly noteworthy is the fact that network difficulty declined on a year-over-year basis. According to my calculations, this situation has occurred only once in Bitcoin's entire history—in 2021, when China imposed a mining ban, leading to a massive shutdown of capacity.

Now, however, we are seeing a combination of entirely different factors. The mining economy is under pressure due to the decline in BTC's price and hashprice relative to peak levels. Some investments and energy resources are flowing into AI/HPC projects, which offer more stable returns. Additionally, temporary capacity shutdowns and energy restrictions are being observed in several regions.

Hashprice and price: key July metrics

Against the backdrop of declining difficulty, hashprice—an indicator of miners' potential revenue per unit of capacity—showed steady growth. From June 30 to July 31, it increased from $27.60 to $31.93 per 1 PH/s per day, or approximately 15.69%. This is a significant positive signal for everyone continuing to mine.

Bitcoin's price stabilized in July after a prolonged decline. The monthly average was $63,931.98, which is $752.45 higher than in June. The trading range was quite wide—from $60,150.01 to $66,433.19. The average dollar exchange rate in Russia was ₽77.74, fluctuating within ₽75.93–₽79.86.

ASIC miner profitability ranking

The leader in profitability in July was the Bitmain Antminer S21 XP 270 TH/s, which also retained its position based on the first half of 2026 results. Here are the top three most profitable devices:

  • Bitmain Antminer S21 XP 270 TH/s — 1.12% per month (13.42% annually), mined 0.0038313 BTC/month;
  • Bitmain Antminer S21 PRO 234 TH/s MIX — 0.38% per month (4.56% annually), mined 0.00332046 BTC/month;
  • MicroBT Whatsminer M70 222 TH/s — 0.24% per month (2.92% annually), mined 0.00315018 BTC/month.

It is worth noting that not all models turned out to be profitable. For example, the Bitmain Antminer S21+ 235 TH/s MIX and MicroBT Whatsminer M61S+ 240 TH/s showed negative profitability due to high electricity and hosting costs. This further confirms that in current conditions, efficiency is determined not only by hash rate but also by the energy efficiency of the specific equipment.

My conclusion

The June-July dynamics clearly demonstrate how quickly network operating conditions can change. After a significant difficulty reduction in mid-June, there was a partial recovery, followed by two new negative adjustments in July. Therefore, mining efficiency should be assessed not by a single adjustment or short-term price change, but over a longer time horizon. In the long run, those who bet on the most energy-efficient equipment and diversify their risks come out ahead.