Despite a 3% drop in Bitcoin's BTC/USD network hashrate in June, daily miner revenues soared to approximately $55,300 per exahash per second (EH/s), one of the highest profitability levels this year, according to a commentary shared with Benzinga by the analytics team of TeraHash, a global Bitcoin yield protocol.
What Happened: This surprising divergence, fueled by Bitcoin's $109,000 spot price and $14 billion in ETF inflows, added $5.3 billion—a 23% increase—to the market value of publicly listed mining firms.
According to a JPMorgan report, Bitcoin's network hashrate dropped by ~3% in June, primarily due to seasonal heat impacts on miners.
TeraHash's team noted, "Bitcoin's computing power cooled in June, but its earnings rose," highlighting a break from the traditional "difficulty crushes profits" cycle. The key? Miners are adapting strategically.
While some chase high-performance computing (HPC) for AI infrastructure, others capitalize on operational flexibility.
Deals like CoreWeave Inc.'s CRWV acquisition of Core Scientific Inc. CORZ value mining infrastructure at 16x next year's earnings, reflected a pivot to AI.
Meanwhile, a quieter segment earns through grid curtailment payments, hash rate hedging, and leasing idle capacity to retail users.
Looking forward, TeraHash models two scenarios: "Miners integrating grid programs and derivatives can reallocate ~10% of capacity and sustain margins," even as mining difficulty rises.
Conversely, HPC-heavy miners risk 15% margin compression if AI demand slows or infrastructure lags.
Why It Matters: "The market is no longer paying for raw output," the team told Benzinga, urging investors to back miners who "flex power deals, hedges, and capacity rentals."
This shift signals a new era for Bitcoin mining, where adaptability trumps computational power.
As miners navigate seasonal challenges and market dynamics, their ability to diversify revenue streams will define success in a rapidly evolving industry.
Price Action: As of the publication of this article, Bitcoin was trading at $109,072.24 per coin. Here’s a list of a few Bitcin ETFs that investors could consider.
| Bitcoin-Linked ETFs | YTD Performance | One-Year Performance |
| iShares Bitcoin Trust ETF IBIT | 11.65% | 87.56% |
| Fidelity Wise Origin Bitcoin Fund FBTC | 11.64% | 87.71% |
| Bitwise Bitcoin ETF BITB | 11.66% | 88% |
| Invesco Galaxy Bitcoin ETF BTCO | 11.63% | 87.68% |
| Grayscale Bitcoin Trust GBTC | 10.92% | 66.78% |
The SPDR S&P 500 ETF Trust SPY and Invesco QQQ Trust ETF QQQ, which track the S&P 500 index and Nasdaq 100 index, respectively, were higher in premarket on Wednesday. The SPY was up 0.22% at $621.73, while the QQQ advanced 0.19% to $553.39, according to Benzinga Pro data.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image Credit: Imagn
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