Bitcoin network difficulty in July 2026 demonstrated extremely rare dynamics, moving into negative territory twice in a row. Combined with a nearly 16% rise in hashprice, this created favorable conditions for miners who were going through a tough period due to the prolonged decline in the price of the first cryptocurrency.
Network Difficulty: An Anomaly Not Seen Since 2021
Analyzing data from the past month, I recorded two consecutive negative difficulty adjustments: on July 11, the indicator dropped by 5%, and on July 25, by another 0.74%. By the end of the month, difficulty settled at 126.23 TH/s. Notably, such dynamics have been observed only the second time in Bitcoin's history. The first encounter with this occurred in 2021, when China's mining ban triggered a massive shutdown of computing power.
In the current cycle, there are several reasons for this network behavior. First, the mining economy has changed significantly: the BTC price and hashprice remain well below peak values. Second, there is a redistribution of investments and energy infrastructure in favor of AI/HPC projects. Third, some miners have temporarily suspended operations due to regional electricity restrictions.
Hashprice Rose, Price Stabilized
The hashprice indicator, reflecting potential revenue per unit of power, rose from $27.60 to $31.93 per 1 PH/s per day. This is an increase of approximately 15.69% over the month. Meanwhile, the Bitcoin price stabilized after a prolonged decline: the average price was $63,931.98, which is $752.45 higher than the June level. During the month, BTC traded in the range of $60,150.01–$66,433.19.
ASIC Miner Profitability Ranking
The leader in July was the Bitmain Antminer S21 XP 270 TH/s, maintaining its top position from the first half of the year. Its profitability was 1.12% per month (13.42% annually), with a yield of 0.0038313 BTC. 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. Rounding out the top three is the MicroBT Whatsminer M70 222 TH/s with a profitability of 0.24% per month (2.92% annually) and 0.00315018 BTC.
It is noteworthy that a number of models, including the Bitmain Antminer S21+ 235 TH/s MIX and MicroBT Whatsminer M61S+ 240 TH/s, slipped into a slight negative. This underscores how critical the energy efficiency of a specific device is under current conditions.
The June-July dynamics showed how quickly network operating conditions can change. After a significant difficulty drop in mid-June, there was a partial recovery, followed by two consecutive negative adjustments. Therefore, mining efficiency should be assessed not by a single adjustment, but over a longer time horizon.
My conclusion: The mining market is entering a phase of intense selection, where only the most efficient devices survive. Investors should pay attention to models with minimal power consumption per terahash, as these will generate stable cash flow amid high difficulty volatility and uncertainty with the BTC price.