Bank

Argo

Bitcoin

April

Spot

Bitcoin (BTC) mining saw an increase in profitability in June compared to May, according to a research report from investment bank Jefferies.
<h2 id="bitcoin-mining-profitability-rises-in-june">Bitcoin Mining Profitability Rises in June</h2>
This increase in profitability was driven by a 2% increase in Bitcoin price and a 5% decrease in network Hashrate as the market adjusted to the effects of the recent halving event.
“June was a month of modest recovery from the immediate effects of the halving, which was most evident in May,” Jefferies analyst Jonathan Petersen said in the report.
Network Hashrate, which measures the total computing power used to mine and process transactions on a proof-of-work blockchain, serves as an indicator of competition and mining difficulty.
Related News: <a href="https://en.bitcoinsistemi.com/delist-announcement-from-bitcoin-exchange-binance-four-altcoin-trading-pairs-delisted-from-spot-transactions-3/" target="_blank" rel="noopener noreferrer nofollow">Delist Announcement from Bitcoin Exchange Binance! Four Altcoin Trading Pairs Delisted from Spot Transactions!</a>
The quadrennial reward halving that took place in April reduced miners' rewards by 50%, reducing the growth rate of Bitcoin supply.
Jefferies also adjusted price targets for several mining companies. The price target for Marathon Digital (MARA) was lowered from $24 to $22.
The bank also lowered its price target for Argo Blockchain ADRs (ARBK) to $1.20 from $1.50 and UK-listed shares (ARB) to 9.5p (12 cents) from 11.90p, putting its price target on the company maintained its hold rating. One ADR is equivalent to 10 shares.
The report highlighted a strategic shift among Bitcoin miners towards incorporating high-performance computing (HPC) and artificial intelligence (AI).
This drive aims to diversify revenue streams and capitalize on the growing demand for artificial intelligence and cloud computing infrastructure driven by declining profitability in bitcoin mining, especially after the halving events.
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/investment-bank-jefferies-highlighted-bitcoin-mining-profitability-rates-in-its-research-report-here-are-the-details/" rel="noopener noreferrer nofollow">Investment Bank Jefferies Highlighted Bitcoin Mining Profitability Rates in its Research Report! Here are the Details</a>

Investment Bank Jefferies Highlighted Bitcoin Mining Profitability Rates in its Research Report! Here are the Details

Table of Contents

Bitcoin Sistemi EN

Other articles published on Jul 8, 2024

Rogue Company deletes all Dr Disrespect in-game content

Do Kwon Exposed: Crypto Influencer Reveals Shocking Details of Terra Luna Fraud

Spot Ethereum ETFs Could Launch In A Week Or Two, Says ETF Analyst Nate Geraci: 'How Quickly Will...

Top Real World Assets Tokens To Buy Amid Ongoing Market Correction!

The Central Bank of Nigeria Accuses Binance of Unauthorized Transactions

New Solana Memecoin Trump the Felon Jumps Over 11,100% and Will Surge 18,000% Before KuCoin Listi...

Join our free newsletter for daily crypto updates!