The post Investment Bank Jefferies Published Bitcoin Mining Report! Are Miners Making Losses? Here Are the Details appeared on BitcoinEthereumNews.com.

Bitcoin (BTC) mining was less profitable in July compared to June, according to a research report published by investment bank Jefferies. The drop in profitability came as the network hashrate remained relatively stable while the Bitcoin price dropped by over 6%. Bitcoin Mining Was Less Profitable in July, Jefferies Reports The report highlighted that US-listed mining companies managed to produce a larger share of Bitcoin in July compared to the previous month. These companies accounted for 21.1% of total network Bitcoin production in July, up from 20.7% in June. This increase in market share was attributed to public companies rapidly deploying new mining capacity, outpacing growth in network hashrate. Jefferies lowered its price target on Marathon Digital (MARA) from $22 to $17 but maintained a hold rating on the stock. Following the downgrade, Marathon’s shares fell 0.7% to around $15 in premarket trading. The report also noted that August could pose more challenges for miners. Bitcoin price has dropped by around 5% this month and the network hashrate has started to increase, potentially leading to tighter competition and reduced profitability. Marathon Digital emerged as the top Bitcoin producer in July, mining a total of 692 coins, a 17% increase from the previous month. The company also has the largest installed hashrate in the industry. In a separate report, JPMorgan noted that the share of US-listed miners in the global hashrate reached a record high in July, reflecting these firms’ growing presence in the Bitcoin mining sector. *This is not investment advice. Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data! Source: https://en.bitcoinsistemi.com/investment-bank-jefferies-published-bitcoin-mining-report-are-miners-making-losses-here-are-the-details/

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Filed under: News - @ August 15, 2024 7:26 pm