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Bitcoin Mining Trends in June
Explore the latest trends in Bitcoin mining for the month of June. Stay updated on the evolving landscape of cryptocurrency mining and key insights for miners and enthusiasts.
Bitcoin (BTC) mining proved to be more profitable in June compared to May, with a 2% increase in the cryptocurrency’s price and a 5% drop in the network hashrate. According to a recent research report by investment bank Jefferies, the market saw adjustments following the halving event.
Hashrate in the context of Bitcoin mining refers to the total computational power used for mining and processing transactions on a proof-of-work blockchain. It serves as an indicator of competition in the industry and mining difficulty. The quadrennial reward halving that took place in April led to a reduction in bitcoin supply growth as miners’ rewards were halved.
Jefferies revised its price targets for various mining companies, including Marathon Digital (MARA) and Argo Blockchain ADRs (ARBK). The bank highlighted that some miners have shifted towards high-performance computing (HPC) and artificial intelligence (AI) hosting to diversify revenue streams.
- Jefferies lowered Marathon Digital’s price target to $22 from $24
- Price target for Argo Blockchain ADRs (ARBK) decreased to $1.20 from $1.50
- Price target for Argo Blockchain U.K. shares (ARB) was reduced to 9.5p from 11.90p
The report indicated that U.S.-listed mining companies collectively produced a higher proportion of new bitcoin in June compared to May, accounting for 20.8% of the total network. Marathon Digital mined the most bitcoin in June with 590 tokens, followed by CleanSpark (CLSK) with 445 tokens. Marathon also maintained the largest installed hashrate among U.S. listed miners.
Overall, the strategic shift towards HPC and AI hosting by miners has been driven by the decreasing profitability of bitcoin mining, particularly post-halving events, as mentioned by analyst Jonathan Petersen.