%Bitcoin (CRYPTO: $BTC) mining profitability increased 2% in July of this year, according to a new report from U.S. investment bank %JefferiesFinancialGroup (NYSE: $JEF).
The profitability of mining Bitcoin rose as the price of the world’s largest cryptocurrency gained 7% while the network hashrate jumped 5% during the month of July.
Hashrate refers to the total computational power used to mine and process Bitcoin transactions on a proof-of-work blockchain and is a proxy for mining difficulty.
Bitcoin is typically “mined” by huge banks of computers that work in concert to solve complex mathematical problems.
U.S.-listed crypto mining firms mined 3,622 Bitcoin in July, versus 3,379 coins in June of this year, according to the Jefferies report.
Those firms accounted for 26% of the total network compared to 25% in June. IREN (NASDAQ: $IREN) mined the most BTC in July at 728 tokens, followed by %MARAHoldings (NASDAQ: $MARA) with 703 BTC.
Revenue generated from mined Bitcoin also increased in July.
“A hypothetical one EH/s fleet of BTC miners would have generated ~$57k/day in revenue during July, vs ~$56k/day in June and ~$50k a year ago,” reads the Jefferies report.
Jefferies’ stock has declined 24% this year to trade at $60.24 U.S. per share.
