Bitcoin mining profitability increased by 2% in July, driven by a 7% rise in the price of Bitcoin despite a 5% increase in the network hashrate. In the report by investment bank Jefferies, it was noted that U.S.-listed mining firms contributed to 26% of the total network hashrate, up from 25% in June, mining a total of 3,622 bitcoin in July compared to 3,379 in the previous month. IREN led in bitcoin production with 728 tokens, while MARA Holdings followed closely with 703 BTC. Jefferies highlighted that Mara's hashrate remains the largest in the sector at 58.9 EH/s, and mentioned that revenue per exahash/second rose, indicating a hypothetical fleet would have generated approximately $57,000 per day in July – up from about $56,000 in June and $50,000 a year ago. The increase in profitability can be attributed to the positive momentum in Bitcoin prices, which analysts believe is beneficial for firms like Galaxy's digital assets business.

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