U.S.-Listed Miners Strengthen Share of Global Hashrate
Bitcoin mining profitability improved in July, rising 2% compared to June, as the cryptocurrency’s price growth outpaced the increase in mining competition, according to a research note from Jefferies. The bank highlighted that while network hashrate climbed by 5%, the 7% surge in Bitcoin’s price provided miners with improved margins.
“Positive BTC price momentum is the most favorable factor for digital asset businesses such as Galaxy’s, while miners continue to manage a rapidly growing hashrate,” wrote Jonathan Petersen, analyst at Jefferies.
U.S.-listed mining companies produced 3,622 BTC in July, up from 3,379 coins in June, and expanded their share of the global network to 26% from 25% the prior month.
Among individual players, IREN led the sector with 728 BTC mined, followed by MARA Holdings with 703 BTC. Jefferies noted that MARA continues to hold the largest energized hashrate in the industry, reported at 58.9 exahashes per second (EH/s) by the end of July. CleanSpark ranked second with 50 EH/s, underscoring the ongoing arms race in computational power.
Rising Hashrate and Revenue Trends
The hashrate—measured in exahashes per second—tracks the combined computing power used to secure the Bitcoin network. While a higher hashrate increases network security, it also raises mining difficulty, intensifying competition among operators.
Despite the challenge, revenue per unit of computational power showed steady growth. Jefferies estimated that a hypothetical 1 EH/s fleet of mining machines would have earned about $57,000 per day in July, compared with $56,000 in June and $50,000 a year earlier.
Industry experts suggest that sustained profitability will depend heavily on Bitcoin’s ability to maintain its upward momentum. “The next stage for miners is balancing capital investment with the efficiency of their fleets, especially as hashrate expansion shows no signs of slowing,” one market observer noted.
With Bitcoin trading near $118,000, miners are benefiting from strong price levels. However, the rising competition underscores the fragile balance between profitability and operational costs, a factor that will shape strategies heading into the year’s final quarter.
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.