BlockBeats news, August 15, according to Coindesk, Jefferies investment bank pointed out in its latest research report that as the price of Bitcoin fell by more than 6% in July, while the network computing power remained stable, Bitcoin mining profits fell slightly from June. Jefferies lowered Marathon Digital's target share price from $22 to $17, but maintained a hold rating. The stock fell 0.7% to about $15 in pre-market trading.
The report shows that U.S.-listed mining companies produced more Bitcoin in July, accounting for 21.1% of the total network, up from 20.7% in May. Analysts Jonathan Petersen and Joe Dickstein pointed out that the speed at which public enterprises are adding new capacity has exceeded the growth rate of network computing power. Marathon Digital produced 692 Bitcoins in July, an increase of 17% from the previous month, and its installed computing power is still the largest in the industry.
JP Morgan's report also pointed out that the global computing power share of US-listed miners reached an all-time high in July. August will be more challenging for miners as the price of Bitcoin has fallen by about 5% and the network computing power has begun to grow again.
