As of December, U.S.-listed bitcoin miners contributed to 25% of the global mining network, according to Jefferies.

December saw a significant boost in mining profitability, as bitcoin’s price surge outpaced the increase in network hashrate, according to a report by Jefferies. U.S.-listed bitcoin miners made up 25.3% of the global network share during the month.

Jefferies also revised its price target for MARA Holdings (MARA) to $20 from $24, while maintaining a “hold” rating on the stock. Despite this adjustment, MARA’s shares gained 0.5%, rising to $18.43 in early trading on Friday.

Bitcoin’s price gained 15% in December, which helped to improve mining profitability. This increase surpassed the 6.5% rise in the network’s hashrate, a metric that measures the total computational power in the bitcoin network, indicative of mining competition and difficulty.

The report also showed that average daily revenue per exahash rose by 7.1% from November, reaching $59,585.

U.S.-listed mining firms mined a total of 3,602 bitcoins in December, a slight increase from 3,404 bitcoins in November. MARA was the top miner, producing 890 BTC, followed by CleanSpark (CLSK) with 668 BTC.

MARA also maintained the largest hashrate in the sector, with 53.2 exahashes per second (EH/s), while CleanSpark held the second-largest hashrate with 39.1 EH/s.