July 2026 became a landmark month for the Bitcoin mining industry. Despite price volatility, the combination of two key factors—a record drop in network difficulty and a steady rise in hashprice—led to a noticeable improvement in mining economics. This scenario made it possible to single out a clear favorite among ASIC devices, which delivered maximum profitability.
Network Difficulty: An Anomaly Seen Only Once Before
Throughout July, we observed two consecutive negative difficulty adjustments: on July 11, the metric fell by 5%, and on July 25, it dropped another 0.74%. As a result, by the end of the month, network difficulty stood at 126.23 TH/s. Notably, such dynamics—a decline relative to the level from a year earlier—have been recorded only for the second time in Bitcoin's history. The first occurrence was in 2021 amid the massive exodus of miners from China.
The reasons for the current correction are multifaceted. On one hand, we see a shift in mining economics due to the prolonged decline in BTC's price. On the other, there is a redistribution of investments and energy capacity in favor of AI/HPC projects. An additional factor was the temporary shutdown of part of the computing power and regional electricity restrictions.
Hashprice and Price: A Perfect Storm for Profitability
While some metrics were falling, others showed steady growth. Hashprice—a key indicator of a miner's potential revenue per unit of power—surged from $27.60 to $31.93 per 1 PH/s per day between June 30 and July 31. That is an impressive +15.69% over the month.
The Bitcoin price, in turn, stabilized after a prolonged downtrend. The monthly average stood at $63,931.98, which is $752.45 higher than the June level. The trading range was quite wide—from $60,150 to $66,433—indicating lingering uncertainty, but also the formation of a local bottom.
ASIC Miner Ranking: Efficiency Decides Everything
Against this backdrop, the balance of power among equipment looks particularly interesting. The leader for July was the Bitmain Antminer S21 XP 270 TH/s, which has confidently held the top spot since the start of the year. Its profitability was 1.12% per month (13.42% annually). Over the month, the device mined 0.0038313 BTC, generating a profit of 3,590.68 rubles for the owner after all hosting expenses.
The second and third places went to the Bitmain Antminer S21 PRO 234 TH/s (0.38% per month) and the MicroBT Whatsminer M70 222 TH/s (0.24% per month), respectively. Other models, including the popular M61S+ and S21+, slipped into a slight negative territory in July, underscoring the critical importance of energy efficiency in the current market conditions.
The mining range among the reviewed devices was from 0.00289476 to 0.0038313 BTC per month. This clearly demonstrates that even under improved conditions, the final profitability is determined solely by the characteristics of the specific equipment.
My take: July's data is a signal of the start of a new cycle for the industry. Rising hashprice amid falling difficulty is a rare and extremely favorable combination. However, miners should not get carried away: the market remains volatile, and equipment efficiency is the only reliable insurance against future shocks. Investing in outdated models now looks extremely risky.