Bitcoin Mining Profitability Rose 2% in July Amid BTC Price Rally, Jefferies Says

Bitcoin (BTC) mining profitability accrued 2% successful July arsenic the terms of the world's largest cryptocurrency roseate 7% portion the web hashrate jumped 5%, concern slope Jefferies said successful a probe study connected Friday.

"We spot affirmative BTC terms momentum arsenic astir favorable for Galaxy's (GLXY) integer assets business, portion miners combat a rising web hashrate," expert Jonathan Petersen wrote.

The hashrate refers to the full combined computational powerfulness utilized to excavation and process transactions connected a proof-of-work blockchain, and is simply a proxy for contention successful the manufacture and mining difficulty. It is measured successful exahashes per 2nd (EH/s).

U.S.-listed mining companies mined 3,622 bitcoin successful July, versus 3,379 coins the period before, the study said, and these firms accounted for 26% of the full web compared to 25% successful June.

IREN (IREN) mined the astir bitcoin, with 728 tokens, followed by MARA Holdings (MARA) with 703 BTC, the slope noted.

Jefferies said MARA's energized hashrate remains the largest of the sector, astatine 58.9 EH/s astatine the extremity of July, with CleanSpark (CLSK) 2nd with 50 EH/s.

Revenue per exahash/second besides increased. "A hypothetical 1 EH/s fleet of BTC miners would person generated ~$57k/day successful gross during July, vs ~$56k/day successful June and ~$50k a twelvemonth ago," the expert wrote.

Read more: Bitcoin Miner MARA Steps Into HPC With Majority Stake successful EDF Subsidiary: H.C. Wainwright