Bitcoin mining profits rose 2% in July

Jefferies reports Bitcoin mining profitability increased 2% in July as BTC price rose 7%, offsetting a 5% rise in hashrate.

BTC price growth supports miners

Investment bank Jefferies reported Bitcoin mining profitability rose 2% in July. The improvement followed a 7% increase in BTC price, even as the network hashrate climbed 5%. Analyst Jonathan Petersen highlighted that Galaxy Digital benefits most from positive BTC price momentum.

US-listed miners increase production

According to the report, US-listed mining companies produced 3,622 BTC in July compared with 3,379 in June. Their share of the global network rose to 26% from 25% a month earlier.

IREN led the sector with 728 BTC mined, while MARA Holdings followed with 703 BTC. Jefferies noted that MARA still controls the largest energized hashrate in the sector at 58.9 EH/s. CleanSpark ranked second with 50 EH/s.

Rising revenue per hashrate unit

Jefferies also calculated that revenue per exahash improved. A hypothetical 1 EH/s mining fleet would have generated about $57,000 per day in July, compared with $56,000 in June and $50,000 a year earlier.

Despite tougher competition, miners maintain profitability thanks to BTC’s rally. Rising prices remain the most important driver for sustaining mining revenues and attracting institutional interest.