What You Need to Know:
- Bitcoin mining profitability experienced a significant increase of 18.2% in May.
- Jefferies reported that North American miners accounted for 26.3% of the total network in May, up from 24.1% in April.
- MARA Holdings topped the mining charts by extracting the most bitcoin in May.
Bitcoin BTC mining profitability escalated by 18.2% during May due to a 20% surge in the BTC price, with a modest 3.5% increase in the network hashrate, as noted in a research report by Jefferies published on Monday.
“BTC’s rally is reminiscent of the recent surge in gold prices as investors seek assets that can hedge against inflation amid soaring fiscal deficits in the U.S. and other nations,” analysts Jonathan Petersen and Jan Aygul commented.
“BTCの急騰は、米国や他の国々で急増する財政赤字を背景に、インフレから保護される資産を求める投資家によるザ」とアナリストのジョナサン・ピーターセンとジャン・アユグルはコメントしました。
Hashrate refers to the overall computational power utilized for mining and processing transactions on a proof-of-work blockchain, serving as an indicator of competition within the industry and mining difficulty.
The report highlighted that U.S.-listed mining firms mined 3,754 bitcoin in May compared to 3,278 in April. Notably, North American miners represented 26.3% of the total network in May, increasing from 24.1% in the previous month.
MARA Holdings (MARA) achieved the highest mining output within this group, extracting 950 bitcoin, which marks a 35% month-over-month growth. CleanSpark (CLSK) followed closely with 694 tokens mined.
MARA’s installed hashrate continues to lead the industry at 58.3 exahashes per second (EH/s), followed by CleanSpark at 45.6 EH/s, the report noted.
Furthermore, Jefferies adjusted its price target for MARA to $16 from $18, while maintaining a hold rating on the stock.
For further reading, check out: Bitcoin Miners Just Had One of Their Best Quarters on Record, JPMorgan Says.
