Bitcoin Mining Margins Improved 5% in June as Hashrate Declined and BTC Prices Advanced, Says Jefferies

Bitcoin Mining Profitability Rises in June as Hashrate Falls and BTC Climbs: Jefferies

Bitcoin mining profitability jumped 5.3% in June, driven by a 1.2% increase in BTC’s price and a 6.7% drop in network hashrate, according to a report by Jefferies. The reduced competition and firmer bitcoin price provided a boost to miners’ margins.

The decline in hashrate—measured in exahashes per second (EH/s)—was attributed to soaring energy prices during extreme summer heat in the U.S., which forced many less-efficient mining operations offline.

Despite improved profitability, North American public miners experienced a dip in monthly output. Jefferies analysts Jonathan Petersen and Jan Aygul noted that these firms mined 3,382 BTC in June, down from 3,754 BTC in May. Their share of global production fell to 25.1%, from 26.3%.

Marathon Digital (MARA) led in production with 713 BTC, followed by CleanSpark (CLSK) with 685 BTC. MARA also topped the hashrate rankings at 57.4 EH/s, slightly down from 58.3 EH/s the prior month. CLSK followed at 45.3 EH/s.

Jefferies estimated that a hypothetical 1 EH/s mining fleet would have earned $57,000 per day in June, up from $54,000 in May—highlighting the improved economics.

The report also cited a favorable macroeconomic and regulatory environment as a tailwind for the mining sector. A weaker U.S. dollar, triggered by tariff-related rhetoric from President Donald Trump, along with positive regulatory momentum, has intensified investor interest in the space.

Bitcoin was trading at $117,651.51 at the time of the report, and has since surged above $123,000 in July, setting a new all-time high.