Bitcoin Mining Profitability Rose 5.3% in June Amid Falling Hashrate, Rising Prices: Jefferies

Bitcoin mining profitability increased by 5.3% in June, supported by a 1.2% rise in BTC price and a 6.7% drop in network hashrate, according to a report from investment bank Jefferies. The combination of reduced competition and stronger bitcoin prices improved mining economics across the board.

The network hashrate—a measure of the total computational power securing the Bitcoin blockchain—fell notably as extreme heatwaves across the U.S. pushed energy costs higher, forcing less efficient miners to curtail operations. Hashrate is typically expressed in exahashes per second (EH/s) and serves as a key proxy for mining difficulty and competition.

Despite better margins, total BTC production by North American public miners declined month over month. According to analysts Jonathan Petersen and Jan Aygul, publicly listed miners produced 3,382 BTC in June, down from 3,754 BTC in May, representing 25.1% of global output, compared to 26.3% the previous month.

Marathon Digital (MARA) led the group in June production with 713 BTC mined, followed by CleanSpark (CLSK) with 685 BTC. MARA also retained its position as the top miner by energized hashrate, ending the month with 57.4 EH/s, down slightly from 58.3 EH/s in May. CleanSpark followed with 45.3 EH/s, according to Jefferies.

The firm noted that mining revenue per EH/s improved in June, with a hypothetical 1 EH/s fleet generating around $57,000 in daily revenue, up from $54,000 in the prior month.

Jefferies added that the macroeconomic and regulatory environment has become increasingly favorable for the mining sector. A weaker U.S. dollar—partly driven by recent tariff-related comments from President Donald Trump—combined with positive regulatory momentum, has fueled renewed investor interest and provided a tailwind for mining firms.

Bitcoin was trading around $117,651.51 at the time of the report but has since climbed past $123,000 in July, marking a new all-time high.