Bitcoin Mining Was Less Profitable in July Than June, Jefferies Says

Bitcoin mining experienced a slight decline in profitability during the month of July, according to a report from Jefferies. The investment bank also lowered its price target for Marathon Digital, a U.S.-listed mining company, from $22 to $17. However, despite the decrease in profitability, U.S.-listed mining companies produced a larger share of bitcoin in July compared to the previous month. These companies accounted for 21.1% of the total network, up from 20.7% in May. Analysts predict that August will be a challenging month for miners as the price of bitcoin has dropped by about 5%, although the network hashrate has started to rise again. Marathon Digital led the way in terms of bitcoin production in July and maintained its position as the sector’s largest miner. In a separate report, JPMorgan noted that U.S.-listed miners reached a record share of the global hashrate in July.