Bitcoin mining profitability saw a rise in June as the cryptocurrency’s price increased by 2% and the network hashrate dropped by 5%, according to a research report by Jefferies. Analyst Jonathan Petersen noted that June marked a period of recovery from the immediate impacts of the halving, which occurred in April and reduced miners’ rewards by 50%.
Jefferies highlighted that U.S.-listed mining companies increased their share of new bitcoin production to 20.8% in June, up from 19.1% in May, driven by expansions in mining capacity amid a decline in the network hashrate.
