Bitcoin Mining Profitability Rises 18.2% in May, Jefferies Reports
Bitcoin mining profitability increased by 18.2% in May, driven by a 20% rise in BTC price and a 3.5% gain in network hashrate, according to Jefferies' report.
- U.S.-listed mining companies mined 3,754 BTC in May, up from 3,278 in April.
- North American miners accounted for 26.3% of the total network, an increase from 24.1% in April.
- MARA Holdings (MARA) led with 950 BTC mined, a 35% month-on-month increase.
- CleanSpark (CLSK) followed with 694 BTC mined.
- MARA's hashrate was the highest at 58.3 EH/s, while CleanSpark had 45.6 EH/s.
- Jefferies lowered MARA's price target to $16 from $18, maintaining a hold rating.