Jefferies: Bitcoin Mining Profitability Rose 5.3% in June as Hashrate Declined and Prices Strengthened
Bitcoin mining profitability climbed 5.3% in June, supported by a 1.2% rise in BTC prices and a 6.7% decline in network hashrate, according to a research note from Jefferies. The reduction in mining competition and slight appreciation in bitcoin combined to lift miner margins despite challenging energy conditions.
The decline in hashrate—measured in exahashes per second (EH/s)—coincided with a heatwave across the U.S. that sent electricity prices soaring, prompting many lower-efficiency miners to temporarily scale back operations. Hashrate serves as a key indicator of industry competition and mining difficulty.
While economics improved, North American public miners saw a drop in total bitcoin production. According to Jefferies analysts Jonathan Petersen and Jan Aygul, the group mined 3,382 BTC in June, down from 3,754 BTC in May. Their share of global output dipped to 25.1%, compared to 26.3% the prior month.
Marathon Digital (MARA) led production with 713 BTC, followed by CleanSpark (CLSK) at 685 BTC. MARA also maintained the highest energized hashrate at 57.4 EH/s, slightly down from 58.3 EH/s in May, while CLSK held 45.3 EH/s, the second-highest among peers.
Jefferies estimated that a 1 EH/s mining fleet would have generated $57,000 in daily revenue during June, an increase from $54,000 in the previous month—reflecting better mining conditions overall.
The firm also pointed to a supportive macro and regulatory environment for the sector. A weaker U.S. dollar, driven in part by tariff-related remarks from President Donald Trump, along with favorable crypto regulation, has helped strengthen investor interest in mining equities.
At the time of the report, Bitcoin was trading at $117,651.51, with the price having since surpassed $123,000 to mark a new all-time high in July.
