Unprecedented Profitability Surge in June: Market Adjustments Ignite Post-Halving Gains"

Bitcoin mining became more profitable in June compared to May, according to Jefferies' latest research report. The 2% rise in Bitcoin's price
and a 5% drop in network hashrate contributed to this increased
profitability as the market adjusted to the recent halving. Analyst
Jonathan Petersen noted that June marked a modest recovery from the
immediate impacts of the halving, which had significantly slowed the
growth rate of Bitcoin supply, according to Coindesk.
Jefferies
also revised its price targets for several Bitcoin mining companies.
Marathon Digital's target was lowered to $22 from $24, and Argo Blockchain's
ADRs target was cut to $1.20 from $1.50. The U.K.-traded shares of Argo
were reduced to 9.5p from 11.9p. Despite these adjustments, Jefferies
maintained a hold rating on these companies.
June
saw U.S.-listed mining firms produce a larger share of new Bitcoin,
increasing from 19.1% in May to 20.8% in June. Marathon Digital mined
590 Bitcoin, although this was 4% less than May's total. CleanSpark
mined 445 Bitcoin, marking a 7% increase. Marathon continues to hold
the largest installed hashrate among U.S. miners at 31.5 exahashes per
second (EH/s), with Riot Platforms in second place at 22 EH/s.

The
report highlights a strategic shift among Bitcoin miners towards
high-performance computing (HPC) and artificial intelligence (AI)
hosting. This move aims to diversify revenue streams and capitalize on
the growing demand for AI and cloud computing infrastructure, driven by
the declining profitability of Bitcoin mining post-halving.
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