TechFlow news, on August 15, according to Coindesk, Jefferies investment bank stated in its latest research report that due to Bitcoin's price dropping over 6% in July while network hashrate remained stable, Bitcoin mining profits declined slightly compared to June. Jefferies lowered Marathon Digital's target share price from $22 to $17 but maintained a Hold rating. The stock fell 0.7% to around $15 in pre-market trading.
The report showed that U.S.-listed mining companies produced more Bitcoin in July, accounting for 21.1% of the total network output, up from 20.7% in May. Analysts Jonathan Petersen and Joe Dickstein noted that public companies are adding capacity faster than the overall network hashrate growth. Marathon Digital produced 692 bitcoins in July, an increase of 17% from the previous month, and still maintains the largest installed hashrate in the industry.
A JPMorgan report also pointed out that U.S.-listed miners' global hashrate share reached a record high in July. August will be more challenging for miners as Bitcoin's price has fallen approximately 5%, while network hashrate has started rising again.
