Bitcoin Mining Profitability Declines in July Amid Market Challenges

Bitcoin mining profitability dropped in July due to a 6% decline in Bitcoin’s value, with US miners increasing their production share despite market challenges.

Bitcoin mining profitability saw a downturn in July as the cryptocurrency’s value dropped by over 6%, impacting miners’ earnings despite a stable hashrate. However, US-based mining firms managed to increase their production share, accounting for 21.1% of Bitcoin mined in July, up from 20.7% in June. This growth is largely due to these companies rapidly expanding their mining capacities, outpacing the rise in network hashrate.

Jefferies adjusted its price forecast for Marathon Digital (MARA) down to $17 from $22, maintaining a hold rating. This led to a 0.7% drop in Marathon’s stock to around $15 in premarket trading. Marathon Digital led the production in July with 692 Bitcoins, marking a 17% increase from the previous month and maintaining the largest hashrate in the industry.

Looking ahead, August may present additional challenges for miners. Bitcoin’s price has already dropped by 5% this month, and with the rising network hashrate, miners might face increased competition and further reduced profitability. Meanwhile, a report from JPMorgan highlighted that US-listed miners are now responsible for a record-high share of global hashrate, underscoring their growing influence in the sector.

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