Despite a 3% drop in Bitcoin's (CRYPTO: BTC) 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 (NASDAQ:CRWV) acquisition of Core Scientific Inc. (NASDAQ: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 (NASDAQ:IBIT) | 11.65% | 87.56% |
| Fidelity Wise Origin Bitcoin Fund (BATS:FBTC) | 11.64% | 87.71% |
| Bitwise Bitcoin ETF (NYSE:BITB) | 11.66% | 88% |
| Invesco Galaxy Bitcoin ETF (BATS:BTCO) | 11.63% | 87.68% |
| Grayscale Bitcoin Trust (NYSE:GBTC) | 10.92% | 66.78% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ: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
