Bitcoin mining profitability saw a notable 2% uptick in July, driven by a 7% surge in the price of Bitcoin, according to a recent report from investment firm Jefferies. This increase in revenue coincided with a 5% jump in the network’s hashrate.

Mining Gains Despite Rising Hashrate

The hashrate, which measures the computational strength of the Bitcoin network in exahashes per second (EH/s), increased in July. Despite heightened mining competition, profitability rose due to stronger Bitcoin prices. Jefferies analyst Jonathan Petersen highlighted that positive price momentum benefits digital asset-focused firms like Galaxy (GLXY), although miners are grappling with greater network difficulty.

Production Volume Among Public Miners

U.S.-listed mining companies experienced a productive July, collectively mining 3,622 BTC, up from 3,379 BTC in June. These firms made up 26% of the entire Bitcoin network’s monthly production, up from 25% in the prior month.

Among them, IREN (IREN) led production with 728 BTC, while MARA Holdings (MARA) followed with 703 BTC. Jefferies noted that MARA retained the leading energized hashrate in the industry, reaching 58.9 EH/s by the end of July. CleanSpark (CLSK) came in second with 50 EH/s.

Revenue Metrics Show Upward Momentum

Daily mining revenue is also on an upward trend. A theoretical fleet of miners operating at 1 EH/s would have earned approximately $57,000 per day in July. That figure compares favorably with the ~$56,000 daily average in June and roughly $50,000 in the same period last year.

Strategic Expansion in the Sector

Major players are moving into adjacent high-performance computing segments. Notably, Bitcoin Miner MARA Steps Into HPC With Majority Stake in EDF Subsidiary: H.C. Wainwright outlines MARA’s expanding footprint beyond traditional BTC mining.

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Bitcoin miners continue to boost profitability despite an increasingly competitive network environment.