According to investment bank Jefferies, bitcoin mining profitability rose by 2% in July as the BTC price climbed 7%, despite a 5% increase in the network hashrate. Analyst Jonathan Petersen noted that the positive momentum of the cryptocurrency is particularly favorable for Galaxy’s digital assets, while miners face rising competition.

U.S.-listed companies mined 3,622 BTC in July compared to 3,379 a month earlier, raising their network share to 26%. IREN led with 728 coins, followed by MARA Holdings with 703 BTC. MARA also maintained the sector’s largest energized hashrate at 58.9 EH/s, with CleanSpark in second place at 50 EH/s. Profitability improved as well: a hypothetical fleet of miners with 1 EH/s generated around $57,000 per day in July versus $56,000 in June and $50,000 a year ago.