Mining Profitability Climbed Over 5% in June as Hashrate Fell, BTC Price Rose: Jefferies

Bitcoin

mining profitability increased 5.3% in June, buoyed by a 1.2% increase in the cryptocurrency's price and a 6.7% drop in the network hashrate, according to a report by investment bank Jefferies.

The hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain, and is a proxy for competition in the industry and mining difficulty. It is measured in exahashes per second (EH/s).

The profitability boost came as extreme summer heat across the U.S. drove up energy prices, prompting less efficient miners to throttle operations.

So far in July, bitcoin has surged past $123,000, to set a new all-time high driven by increasingly favorable crypto regulation and a weakening U.S. dollar following tariff-related comments from President Donald Trump. The macro and regulatory backdrop has intensified investor interest and provided a fresh tailwind for mining firms, the report said.

Despite the improved profitability, North American public miners saw a month-over-month decline in bitcoin production, analysts Jonathan Petersen and Jan Aygul wrote.

In June, they mined a total of 3,382 $BTC, down from 3,754 in May. They accounted for 25.1% of the global network, versus 26.3% the prior month, the report noted.

MARA (MARA) led in output with 713 $BTC mined, followed by CleanSpark with 685 tokens.

MARA also maintained its lead in energized hashrate, posting 57.4 EH/s at the end of June, down slightly from May’s 58.3 EH/s. CLSK held the second-highest hashrate at 45.3 EH/s, the bank said.

Bitcoin mining economics improved last month. A hypothetical 1 EH/s mining fleet would have generated approximately $57,000 in daily revenue during June, up from $54,000 in May, the report added.

Read more: Bitcoin Network Hashrate Declined in June as Miners Reacted to Recent Heatwave: JPMorgan