Is Bitcoin Mining Profitable Again? JPMorgan Signals Profitability Rebound in Late 2025

Bitcoin mining has returned to the spotlight as profitability metrics show significant improvement for the second consecutive month in late 2025. But while the recovery is notable, miners still grapple with headwinds compared to pre-halving conditions, according to JPMorgan’s latest research analysis.

Mining Revenue Climbs for Second Consecutive Month

According to JPMorgan’s recent report, bitcoin miners’ daily earnings and gross profit hit their highest levels since April, driven by sustained cryptocurrency rally that continues to outpace network computational growth. The bank calculated that miners earned an average of $57,100 per exahash per second (EH/s) in daily block rewards during the period, marking a 10% improvement from the previous month.

This revenue recovery provides meaningful relief for mining operations. However, analysts Reginald Smith and Charles Pearce cautioned that profitability gains, while encouraging, remain constrained: daily revenue and gross profit per EH/s still sit 43% and 52% below the levels achieved before the April halving event, respectively.

Network Hashrate Growth Outpaces Mining Difficulty

The technical landscape reveals the tension underlying current bitcoin mining profitability dynamics. During the measured period, network hashrate—the total combined computational power securing the Bitcoin network—expanded by 6% to an average of 779 EH/s. This growth continued the year’s broader trend, with hashrate climbing 54% throughout the year, though at a slower pace than the prior year’s 103% increase.

Mining difficulty, the algorithm’s adjustment to hashrate growth, rose 7% month-over-month and now sits 27% higher than pre-halving levels. This escalation means miners must deploy more computational resources to maintain equivalent reward levels, offsetting some gains from the cryptocurrency’s price appreciation.

Mining Stocks See Mixed Performance Amid Volatility

The broader bitcoin mining industry reflected market uncertainties during the period. The total market capitalization of 14 publicly traded bitcoin mining companies tracked by JPMorgan contracted 23% to $28 billion, marking a significant reversal from the prior month’s 52% gain.

Performance divergence among miners remained pronounced. TeraWulf (WULF) emerged as the standout performer, posting a 136% annual gain—nearly outpacing Bitcoin’s own 120% appreciation. This outperformance by select mining operators suggests market differentiation based on operational efficiency and financial positioning.

Miners Still Face Profitability Headwinds Despite Recent Recovery

While the recovery in bitcoin mining profitability is real, the underlying constraints warrant careful monitoring. Gross profit metrics remaining significantly below pre-halving levels indicates that the current cycle has not yet restored miners to prior return profiles. This structural gap creates ongoing pressure on marginal operations and influences capital allocation decisions across the sector.

The convergence of cryptocurrency price strength with moderate hashrate growth has created the conditions for profitable bitcoin mining to resurface. Yet the persistent gap versus historical baselines suggests the profitability rebound remains fragile, contingent on sustained price appreciation relative to rising network computational demands. At current Bitcoin price levels around $68,280, miners face a delicate balance between recovering operational profitability and managing long-term infrastructure investments.