Bitcoin Mining Profitability Rose in June as Market Adjusted for the Halving: Jefferies

Coindesk07-08

Bitcoin mining was more profitable in June than May, the report said.Jefferies cut its Marathon Digital price target to $22 from $24.The bank also reduced its price target for Argo Blockchain ADRs to ...

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The quadrennial reward halving, which occurred in April, slowed the rate of growth in bitcoin supply as miners' rewards were cut by 50%.Jefferies cut its price target for hold-rated Marathon Digital (MARA) to $22 from $24. The bank also reduced its price target on Argo Blockchain ADRs (ARBK) to $1.20 from $1.50 and on the U.K. traded shares (ARB) to 9.5p (12 cents) from 11.90p. It maintained its hold rating on the company. One ADR is equivalent to 10 shares.The bank noted that a number of bitcoin miners have pivoted towards to high-performance computing (HPC) and artificial intelligence (AI) hosting to diversify their revenue and capitalize on surging demand for AI and cloud computing infrastructure.“This strategic shift has been driven by the declining profitability of bitcoin mining, particularly after the recent halving events,” Petersen wrote.U.S.-listed mining companies produced a greater share of new bitcoin in June than May, the bank said, increasing to 20.8% of the total network versus 19.1% the month before as they brought on new capacity and the network hashrate dropped.Marathon mined the most bitcoin in June, 590, though that was 4% fewer than in May. CleanSpark (CLSK) mined 445 tokens, an increase of 7%, the report said. Marathon’s installed hashrate remained the largest of the U.S. listed miners, at 31.5 exahashes per second (EH/S) with Riot Platforms (RIOT) second with 22 EH/s, the report added.Read more: Private Equity Giants Are Circling Bitcoin Miners on AI AllureEdited by Sheldon Reback.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2449272494"}