Argo

Bitcoin

Bitcoin mining became more profitable in June compared to May, according to Jefferies' latest research report. The 2% rise in <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/">Bitcoin's price</a> and a 5% drop in network hashrate contributed to this increased profitability as the market adjusted to the recent halving. Analyst Jonathan Petersen noted that June marked a modest recovery from the immediate impacts of the halving, which had significantly slowed the growth rate of Bitcoin supply, according to <a href="https://www.coindesk.com/business/2024/07/08/bitcoin-mining-profitability-rose-in-june-as-market-adjusted-for-the-halving-jefferies/">Coindesk</a>. 
Jefferies also revised its price targets for several Bitcoin mining companies. Marathon Digital's target was lowered to $22 from $24, and <a href="https://ultramining.com/news/en/argo-blockchains-struggles-continue-with-a-17-drop-in-bitcoin-production/">Argo Blockchain</a>'s ADRs target was cut to $1.20 from $1.50. The U.K.-traded shares of Argo were reduced to 9.5p from 11.9p. Despite these adjustments, Jefferies maintained a hold rating on these companies. 
June saw U.S.-listed mining firms produce a larger share of new Bitcoin, increasing from 19.1% in May to 20.8% in June. Marathon Digital mined 590 Bitcoin, although this was 4% less than May's total. <a href="https://ultramining.com/news/en/cleanspark-doubles-down-on-bitcoin-mining-with-55m-expansion/">CleanSpark</a> mined 445 Bitcoin, marking a 7% increase. Marathon continues to hold the largest installed hashrate among U.S. miners at 31.5 exahashes per second (EH/s), with Riot Platforms in second place at 22 EH/s. 
The report highlights a strategic shift among Bitcoin miners towards high-performance computing (HPC) and artificial intelligence (AI) hosting. This move aims to diversify revenue streams and capitalize on the growing demand for AI and cloud computing infrastructure, driven by the declining profitability of Bitcoin mining post-halving.

Profitability Rises in June Amid Market Adjustments Post-Halving

Ultramining_Eng

Andre artikler udgivet 8. jul. 2024

Tired of Watching Your Investments Drown? MoonBag Crypto Presale Might Be Your Life Raft While Pe...

MoonBag Dominates The Market As the Top Crypto Presale In 2024, While VeChain and KangaMoon Face’...

Cardano (ADA) Price To Be Impacted by Divergent Investor Sentiments

Dogwifhat (WIF) Shows Promising Momentum Amid Price Fluctuations

ApeCoin (APE) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

HIVE Digital stock rallies over 9% as Bitcoin miner bolsters crypto reserves to 2.5k BTC

Join our free newsletter for daily crypto updates!