Bitcoin
BTC$105,283.79
In a survey report on Monday, investment bank Jeffries said mining profitability rose 18.2% in May due to a 20% rise in BTC prices and a modest increase of 3.5% in network hashrates.
“BTC rally continues to follow a recent gold rally. Investors, among other countries, are seeking inflationary protection assets in anticipation of inflationary deficits in the US,” wrote analysts Jonathan Petersen and Jan Eigle.
Hashrate refers to the total computing power used to mine and process transactions on the Proof of Work Blockchain, a proxy for competition and mining difficulties in the industry.
The US-listed mining company mined 3,754 Bitcoins to 3,278 in April, the report said. The bank said North American miners accounted for 26.3% of the total network last month, compared to 24.1% in April.
Mara Holdings (Mara) mined CleanSpark (CLSK), which mined 694 tokens, with 950 Bitcoin, an increase of 35%, with 950 Bitcoin.
Mara’s installed hash rate remained the largest at 58.3 exhaush per second (EH/S). CleanSpark was second at 45.6 EH/s, the report said.
The bank has reduced its Mara price target from $18 to $16 and repeated its holding shares.
read more: Bitcoin Miner had one of the best quarters on record, JPMorgan says