Bitcoin
Investment bank Jefferies said in a research report on Friday that BTC mining profits at $118,138.81 increased 2% in July as the leading cryptocurrency’s value rose 7% and the network’s hash rate grew 5%.
“We believe that the positive BTC price trend is most favorable for the Galaxy (GLXY) digital asset business as miners face increasing network hashing power,” analyst Jonathan Petersen said.
Hashrate is the total computing power used to mine and process transactions on a Proof-of-Work blockchain, and is an indicator of industry competition and mining difficulty. It is measured in exahashes per second (EH/s).
The report found that mining companies listed on U.S. exchanges mined 3,622 bitcoins in July, up from 3,379 the previous month. These firms accounted for 26% of the network’s total hashrate, up from 25% in June.
According to the bank, the largest number of bitcoins – 728 tokens – were mined by IREN (IREN), followed by MARA Holdings (MARA) with 703 BTC.
Jefferies noted that MARA’s hashrate remains the highest in the industry at 58.9 EH/s as of the end of July, while CleanSpark (CLSK) is second with 50 EH/s.
Revenue per exahash/second has also increased. “A hypothetical fleet of BTC miners with a capacity of one exahash/second could have generated about $57,000 per day in revenue in July, up from $56,000 per day in June and $50,000 a year earlier,” the analyst wrote.
Read more: Bitcoin Miner MARA Enters HPC Market by Acquiring Majority Stake in EDF Subsidiary: HC Wainwright
Source: cryptonews.net
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