U.S.-listed bitcoin (BTC) miners accounted for 25.3% of the global network in December, Jefferies said in a research report on Thursday.
The bank cut its price target for MARA Holdings (MARA) to $20 from $24, while maintaining its hold rating on the stock. The shares rose 0.5% to $18.43 during early trading Friday.
Mining profitability improved in December as the average price of bitcoin gained 15%, outpacing the increase in the network hashrate, which was 6.5% higher, the report said.
The 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.
Average daily revenue was $59,585 per exahash, a 7.1% increase from November, Jefferies said.
U.S.-listed mining companies mined 3,602 bitcoin in December versus 3,404 the month previous, the bank said. Jefferies noted that MARA mined the most bitcoin last month with 890 tokens, followed by CleanSpark (CLSK) with 668.
MARA’s installed hashrate remained the largest in the sector at 53.2 exahashes per second (EH/s). CleanSpark had the second-largest hashrate with 39.1 EH/s, the report added.
Read more: Bitcoin Mining Profitability Rose in December for Second Month in a Row: JPMorgan
6 Comments
Noodlemagazine This is really interesting, You’re a very skilled blogger. I’ve joined your feed and look forward to seeking more of your magnificent post. Also, I’ve shared your site in my social networks!
Noodlemagazine I very delighted to find this internet site on bing, just what I was searching for as well saved to fav
I see something truly interesting about your website so I saved to my bookmarks.
Utterly written content, Really enjoyed examining.
I’m impressed, I must say. Actually rarely do I encounter a blog that’s both educative and entertaining, and let me inform you, you will have hit the nail on the head. Your thought is outstanding; the difficulty is something that not sufficient persons are talking intelligently about. I am very pleased that I stumbled across this in my seek for something referring to this.
I have learn a few just right stuff here. Certainly price bookmarking for revisiting. I wonder how so much effort you place to create this kind of fantastic informative site.