The mining profitability of Bitcoin (BTC) increased by 5.3% in June, driven by a 1.2% increase in the price of cryptocurrency and a 6.7% drop in the Network hashrate, according to a report by the Jefferies Investment Bank.
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 exahasos per second (eh/s).
The profitability impulse occurred when extreme summer heat in the United States increased energy prices, which caused the less efficient miners to accelerator operations.
Until now, in July, Bitcoin has exceeded $ 123,000, to establish a new high all time driven by an increasingly favorable cryptographic regulation and a weakening of the US dollar after the comments related to the rate of President Donald Trump. The macro and regulatory context has intensified the interest of investors and has provided a fresh tail wind for mining companies, according to the report.
Despite the improved profitability, the public miners of North America saw a decrease of one month of month in the production of Bitcoin, the analysts wrote Jonathan Petersen and Jan Aygul.
In June, they extracted a total of 3,382 BTC, below 3,754 in May. They represented 25.1% of the global network, compared to 26.3% the previous month, the report said.
Mara (Mara) LED in exit with 713 BTC extracted, followed by Cleanspark with 685 tokens.
Mara also maintained her leadership in the energized hashrate, registering 57.4 eh/sa late June, slightly lower than 58.3 eh/s of May. CLSK maintained the second highest hashrate at 45.3 eh/s, said the bank.
Bitcoin Mining Economics improved last month. A hypothetical mining fleet of 1 eh/s would have generated approximately $ 57,000 in daily revenues during June, compared to $ 54,000 in May, the report added.
Read more: Bitcoin Network hashrate decreased in June when the miners reacted to the recent heat wave: JPMorgan
