Bitcoin
mining profitability increased 2% in July as the price of the world’s largest cryptocurrency rose 7% while the network hashrate jumped 5%, investment bank Jefferies said in a research report on Friday.
“We see positive BTC price momentum as most favorable for Galaxy’s (GLXY) digital assets business, while miners fight a rising network hashrate,” analyst Jonathan Petersen wrote.
The hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain, and is a proxy for competition in the industry and mining difficulty. It is measured in exahashes per second (EH/s).
U.S.-listed mining companies mined 3,622 bitcoin in July, versus 3,379 coins the month before, the report said, and these firms accounted for 26% of the total network compared to 25% in June.
IREN (IREN) mined the most bitcoin, with 728 tokens, followed by MARA Holdings (MARA) with 703 BTC, the bank…
