Bitcoin mining profitability climbed significantly in May 2025, rising 18.2% month-on-month, according to a new research report from investment bank Jefferies.
This increase was fueled primarily by a 20% rise in Bitcoin’s price, while the network hashrate—the measure of mining difficulty—rose only 3.5%, easing competitive pressure on miners.
Key Highlights from Jefferies’ Report
- Mining profitability up 18.2%
- BTC price up ~20% in May
- Hashrate increased 3.5%, slowing competition growth
- 3,754 BTC mined by U.S.-listed companies vs. 3,278 in April
- North American miners’ share of total network:
- April: 24.1%
- May: 26.3%
“BTC’s rally follows the recent gold rally, as investors seek inflation-protected assets amid rising fiscal deficits,” analysts Jonathan Petersen and Jan Aygul explained.
Top Mining Performers in May
| Company | BTC Mined | MoM Change | Installed Hashrate |
|---|---|---|---|
| MARA Holdings (MARA) | 950 BTC | +35% | 58.3 EH/s |
| CleanSpark (CLSK) | 694 BTC | +15% | 45.6 EH/s |
MARA Holdings remained the largest U.S.-listed miner, both in monthly output and installed hashrate.
Analyst Ratings and Market Outlook
Despite the strong monthly performance, Jefferies lowered its price target for MARA from $18 to $16, maintaining a “Hold” rating. The revision reflects valuation caution even as mining conditions improve.
“Bitcoin’s price rally amid inflation concerns and slowing hashrate growth created an ideal short-term scenario for miners,” the analysts wrote.
Why It Matters
This rebound in mining profitability is a crucial development post-April’s Bitcoin halving, which cut block rewards in half and initially squeezed mining margins. With BTC now trading around $105,000, the environment for miners has quickly improved.
If Bitcoin’s price remains strong while hashrate growth stays moderate, June could bring another profitable month for public miners and potentially drive renewed investor interest in mining stocks.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.