Bitcoin Mining Profitability Jumps in June Amid Falling Hashrate, Rising Prices: Jefferies
Bitcoin mining profitability rose by 5.3% in June, bolstered by a combination of a 1.2% increase in BTC price and a 6.7% decline in network hashrate, according to a report by investment bank Jefferies. The drop in hashrate—a measure of total computational power securing the Bitcoin network—reduced mining difficulty, while the modest price gain helped lift operator margins.
The reduction in hashrate came as extreme summer heat across the United States drove electricity prices higher, prompting many lower-efficiency miners to scale back or shut down operations, the report noted.
Despite the improved economics, publicly traded North American miners saw a decline in bitcoin output. The group produced 3,382 BTC in June, down from 3,754 BTC in May, with their share of global production slipping to 25.1%, compared to 26.3% the previous month, according to analysts Jonathan Petersen and Jan Aygul.
Marathon Digital (MARA) led the pack with 713 BTC mined, followed by CleanSpark (CLSK) with 685 BTC. Marathon also maintained the largest energized hashrate at 57.4 EH/s, slightly below its May figure of 58.3 EH/s, while CleanSpark recorded 45.3 EH/s.
Jefferies also estimated that a 1 EH/s fleet would have generated approximately $57,000 in daily revenue in June, up from $54,000 in May, reflecting improved mining profitability month-over-month.
Looking ahead, Jefferies sees a more favorable macro and regulatory landscape fueling investor enthusiasm for the sector. The recent surge in bitcoin prices—spurred by a weaker U.S. dollar and growing optimism around crypto regulation—has given mining stocks fresh momentum. Comments from President Donald Trump on tariffs have also contributed to dollar softness, further supporting bitcoin’s rally.
As of the report’s writing, BTC was trading at $117,651, having since climbed past $123,000 in July to notch a new all-time high.
