Bitcoin
The mining profitability increased by 2%in July as the price of the largest cryptocurrency in the world increased by 7%, while the hashrate of the network increased by 5%, the investment bank said on Friday in a research report on Friday.
“We see a positive impulse of the price of BTC as the most favorable for Galaxy’s (GLXY) Digital asset business, while miners fight against a rising network hashrate, “wrote the analyst Jonathan Petersen.
The hashrate refers to the total combined computational power used to extract and process transactions in a chain of work test blocks, and is a proxy of competition in industry and mining difficulty. It is measured in exahashes per second (Eh/s).
The mining companies that quote in the United States extracted 3,622 Bitcoin in July, compared to 3,379 coins the previous month, according to the report, and these companies represented 26% of the total network compared to 25% in June.
Iren (Iren) MINED Most bitcoin, with 728 chips, followed by Mara Holdings (Mara) With 703 BTC, the bank said.
Jefferies said that Mara’s energized hashrate remains the largest in the sector, with 58.9 EH/SA end of July, with clean cleaning (CLSK) second with 50 eh/s.
Exahash/second income also increased. “A hypothetical fleet of BTC miners would have generated ~ $ 57k/day in income during July, compared to ~ $ 56k/day in June and ~ $ 50ka a year ago,” wrote the analyst.
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