Despite Bitcoin Miners Saying "Oh", Upside Expectations Were Shattered!

According to Jefferies, while Bitcoin mining increased its profitability in June, companies diversified their revenues by shifting to artificial intelligence and cloud computing.

In a research report published by investment bank Jefferies, he suggested that Bitcoin mining was more profitable in June than in May, as the price increased slightly and the hash rate decreased.

Jefferies analyst Jonathan Petersen said in his statement on the subject, "June was the month of modest recovery immediately after the halving, which was most evident in May."

He made the targets smaller

Jefferies lowered its target price for Marathon Digital (MARA) from $24 to $22 and lowered its target price for Argo Blockchain ADRs (ARBK) from $1.5 to $1.2. The report also emphasized that mining companies listed in the USA in June constituted 20.8% of the total network, increasing their share from 19.1% in May, and producing more Bitcoin as the network hash rate decreased with new capacities.

Marathon mined 590 Bitcoins in June, down 4% from May. CleanSpark (CLSK) increased by 7% by mining 445 BTC.