Jefferies Reports 5% Jump in Mining Profitability in June on Weaker Hashrate, Stronger Bitcoin

Bitcoin Mining Margins Improve in June as Hashrate Drops and BTC Price Rises: Jefferies

Bitcoin mining profitability rose 5.3% in June, aided by a modest 1.2% increase in Bitcoin’s price and a notable 6.7% decline in network hashrate, according to a new report from investment bank Jefferies. The combination of reduced mining competition and stable price appreciation lifted margins across the sector.

The decline in hashrate—an industry measure of total computing power, expressed in exahashes per second (EH/s)—was largely attributed to a surge in U.S. energy prices during a heatwave. The elevated costs forced many less efficient miners offline, reducing overall network difficulty.

Despite the improved economics, public miners in North America saw a sequential decline in bitcoin production. Jefferies analysts Jonathan Petersen and Jan Aygul reported that these companies mined a total of 3,382 BTC in June, down from 3,754 BTC in May. Their share of the global network slipped to 25.1%, from 26.3% the month prior.

Marathon Digital (MARA) was the top producer with 713 BTC, followed closely by CleanSpark (CLSK) at 685 BTC. Marathon also led in energized hashrate with 57.4 EH/s, slightly below May’s 58.3 EH/s, while CleanSpark posted 45.3 EH/s.

Mining revenue estimates also improved. A theoretical 1 EH/s mining fleet would have generated $57,000 per day in June, up from $54,000 in May, reflecting stronger operating conditions.

Jefferies highlighted that broader macro and regulatory tailwinds have increased investor interest in the mining sector. A weakened U.S. dollar, driven by tariff-related comments from President Donald Trump, combined with positive regulatory developments around crypto, have added momentum.

At the time of publication, Bitcoin was trading at $117,651, with the price later surpassing $123,000 in July to reach a new all-time high.