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Mining Profitability Climbed Over 5% in June as Hashrate Fell, BTC Price Rose: Jefferies
The macro and regulatory backdrop has intensified investor interest in the sector and provided a fresh tailwind for mining firms, the report said.
Updated Jul 28, 2025, 1:42 p.m. Published Jul 28, 2025, 1:05 p.m.
What to know:
- Jefferies said bitcoin mining profitability increased in June.
- Even so, North American public miners saw a month-over-month decline in bitcoin production, the report noted.
- MARA produced the most bitcoin and maintained the highest hashrate of the group, the bank said.
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).
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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
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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