Overview
Bitcoin mining profitability has risen by 2% in July, as the price of the leading cryptocurrency increased by 7%, while the network’s hashrate saw a jump of 5%, according to a recent report from Jefferies.
“We see positive BTC price momentum as most favorable for Galaxy’s (GLXY) digital assets business, while miners face a growing network hashrate,” emphasized analyst Jonathan Petersen.
A rising hashrate indicates increased competition within the mining sector, measured in exahashes per second (EH/s).
Key Findings
- U.S.-listed mining firms mined 3,622 bitcoins in July, compared to 3,379 the previous month, representing 26% of the total network, up from 25% in June.
- IREN emerged as the top miner with 728 bitcoins, followed closely by MARA Holdings at 703 BTC.
- MARA currently boasts the highest hashrate in the sector, with 58.9 EH/s, while CleanSpark ranks second, maintaining a hashrate of 50 EH/s.
Additionally, revenue from mining continues to trend upwards, suggesting that a hypothetical mining fleet of 1 EH/s could generate approximately $57,000 daily in revenue, compared to $56,000 in June and $50,000 a year earlier.
