Bitcoin Mining Profitability Rose 2% in July Amid BTC Price Rally, Jefferies Says
Bitcoin
BTC$118,138.81 mining profit margins climbed 2% in July as the leading cryptocurrency’s value grew 7% alongside a 5% surge in network hashrate, according to a Friday analysis by investment firm Jefferies.
“Upward BTC price trends appear as a key driver for Galaxy’s (GLXY) digital operations, while mining firms grapple with escalating network competition,” noted analyst Jonathan Petersen.
The hashrate represents the aggregate processing power dedicated to mining and validating transactions on proof-of-work blockchains, serving as an indicator of industry rivalry and operational complexity. It is quantified in exahashes per second (EH/s).
Per the report, U.S.-based mining corporations extracted 3,622 Bitcoin in July, up from 3,379 the prior month, contributing 26% of the global network output versus June’s 25%.
IREN (IREN) led production with 728 BTC, followed by MARA Holdings (MARA) at 703 BTC, Jefferies highlighted.
The firm emphasized that MARA’s operational hashrate dominated the sector at 58.9 EH/s by July’s close, trailed by CleanSpark (CLSK) with 50 EH/s.
Daily earnings per exahash also saw growth. Petersen stated, “A theoretical mining fleet operating at 1 EH/s could have earned approximately $57,000 daily in July, compared to $56,000 in June and $50,000 a year earlier.”
Read more: Bitcoin Miner MARA Expands Into HPC Through Majority Acquisition of EDF Subsidiary: H.C. Wainwright
Source: cryptonews.net
