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Bitcoin Mining Profitability Increased by Almost 20% in May, Jefferies Says
The rise in profitability was driven by a 20% increase in the bitcoin price, while the hashrate rose only 3.5%, the report said.
Jun 24, 2025, 12:07 p.m.
What to know:
- Bitcoin mining profitability jumped 18.2% in May, the report said.
- Jefferies said North American miners made up 26.3% of the total network last month versus 24.1% in April.
- MARA Holdings mined the most bitcoin in May, the bank said.
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Bitcoin mining profitability rose by 18.2% in May, due to a 20% increase in the BTC price and a modest 3.5% gain in the network hashrate, investment bank Jefferies said in a research report on Monday.
"BTC's rally follows the recent gold rally as investors seek inflation-protected assets in anticipation of ballooning fiscal deficits in the U.S., among other countries," analysts Jonathan Petersen and Jan Aygul wrote.
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Hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain, and is a proxy for competition in the industry and mining difficulty.
U.S.-listed mining companies mined 3,754 bitcoin in May versus 3,278 in April, the report said. The bank noted that North American miners made up 26.3% of the total network last month compared to 24.1% in April.
MARA Holdings (MARA) mined the most crypto of the group, at 950 bitcoin, a 35% increase month-on-month, followed by CleanSpark (CLSK), which mined 694 tokens, the bank said.
MARA's installed hashrate remained the largest at 58.3 exahashes per second (EH/s). CleanSpark was second with 45.6 EH/s, the report noted.
The bank reduced its MARA price target to $16 from $18, while reiterating its hold rating on the stock.
Read more: Bitcoin Miners Just Had One of Their Best Quarters on Record, JPMorgan Says
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