Bitcoin Miners' Profits Dipped In July Compared To June: Jeffries
Portfolio Pulse from Murtuza Merchant
Bitcoin mining profitability declined in July compared to June, with Bitcoin's price dropping over 6%. Jefferies lowered its price target for Marathon Digital (NASDAQ:MARA) from $22 to $17, maintaining a hold rating. Marathon Digital's shares dipped by 0.7% following the announcement. U.S.-listed mining companies increased their share of the total network hashrate from 20.7% to 21.1%. However, August could be more challenging due to Bitcoin's additional 5% price decline and increased network hashrate.
August 15, 2024 | 12:53 pm
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NEGATIVE IMPACT
Bitcoin's price dropped over 6% in July, affecting mining profitability. The network hashrate remained steady, but August could be more challenging with an additional 5% price decline and increased network hashrate.
The decline in Bitcoin's price and the steady network hashrate suggest a negative short-term impact on Bitcoin's value, with further challenges expected in August.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Jefferies lowered its price target for Marathon Digital from $22 to $17, maintaining a hold rating. Marathon Digital's shares dipped by 0.7% following the announcement.
The lowered price target and hold rating from Jefferies, combined with a slight dip in share price, indicate a negative short-term impact on Marathon Digital's stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100