Bitcoin Mining Profitability Rose 5% in June — Jefferies

Bitcoin mining profitability rose 5.3% in June as BTC price climbed and hashrate dropped. Jefferies highlights macro tailwinds and miner performance data.

BTC price increase and lower hashrate boost profitability

Bitcoin mining profitability increased by 5.3% in June 2025, according to a new report from investment bank Jefferies. The gain was driven by a 1.2% rise in Bitcoin’s price and a 6.7% drop in network hashrate. The hashrate measures total computing power in the Bitcoin network and serves as a proxy for competition and mining difficulty.

The report noted that extreme summer heat across the U.S. pushed energy costs higher, forcing less efficient miners to scale back operations. This helped reduce overall competition, allowing active miners to benefit.

U.S. public miners post lower output despite stronger economics

Despite the improved profitability, North American public miners recorded a month-over-month decline in BTC production. They mined 3,382 BTC in June compared to 3,754 BTC in May, representing 25.1% of the global network — down from 26.3%.

MARA led all miners with 713 BTC produced, followed by CleanSpark with 685 BTC. MARA also retained the top spot in energized hashrate, ending June at 57.4 EH/s, slightly down from May’s 58.3 EH/s. CleanSpark followed with 45.3 EH/s.

The report estimated that a theoretical 1 EH/s mining fleet would have generated roughly $57,000 in daily revenue in June, up from $54,000 in May, thanks to improved Bitcoin economics and favorable regulatory momentum.