According to Foresight News, Jefferies investment bank said in a report that as U.S.-listed mining companies added new capacity faster than the growth of the network hash rate, and Bitcoin prices fell more than 6% in July, their mining profits fell slightly from June.

Jefferies cut its price target on Marathon Digital to $17 from $22 but maintained a hold rating. The stock fell 0.7% to $15 in premarket trading.