Bitcoin Mining Profitability Jumps 18% in May

Bitcoin mining profitability rose by 18.2% in May, driven by a sharp 20% increase in BTC price and a modest 3.5% rise in network hashrate, according to a research report from investment bank Jefferies.

Analysts noted that Bitcoin‘s rally mirrors gold’s recent surge, as investors turn to inflation-resistant assets amid growing concerns over expanding fiscal deficits in the U.S. and globally.

The network hashrate, which reflects the total computing power securing the Bitcoin blockchain, increased only slightly, suggesting miners faced relatively little added competition despite the price rally. This dynamic helped improve profit margins across the sector.

North American Miners Expand Output

U.S.-listed Bitcoin mining firms collectively produced 3,754 BTC in May, up from 3,278 BTC in April. Jefferies reported that North American miners accounted for 26.3% of total network hashrate, up from 24.1% the previous month, signaling continued regional growth and competitiveness.

MARA Holdings (MARA) led all public miners with 950 BTC mined, a 35% month-on-month increase. CleanSpark (CLSK) followed with 694 BTC, highlighting the aggressive expansion strategies of leading firms in the sector.

As Bitcoins price sits above $105,000, miners appear well-positioned to capitalize on the favorable market conditions, especially as capital continues rotating into hard assets amid rising macroeconomic uncertainty.

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