According to Jefferies, Bitcoin mining was slightly less profitable in June due to a 6% drop in the cryptocurrency's price while the network hashrate stayed stable, indicating ongoing competitiveness in the industry.
The bank reported a reduction in its price target for Marathon Digital, bringing it down to $17. This reduction aligns with the 0.7% pre-market drop of Marathon's stock to around $15.
U.S.-listed mining companies have increased their market share in Bitcoin production, rising to 21.1% in July from 20.7% in May. This growth stems from public players accelerating capacity installations.
August poses challenges for miners with Bitcoin's price dropping by about 5% and an increasing network hashrate, which means that profitability may continue to decline amidst intensifying competition.
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