U.S.-based Bitcoin (BTC) miners account for 25.3% of the global network, according to a new report from Jefferies Financial Group (JEF).
Mining profitability in the U.S. improved in December of last year as the average price of Bitcoin rose 15% in the month, outpacing an increase in the network hash rate of 6.5%, the report said.
Hash rate refers to the computer power needed to mine and process Bitcoin transactions on a proof-of-work blockchain and is a proxy for mining difficulty.
Average daily revenue was $59,585 U.S., a 7.1% increase from November, said Jefferies.
U.S.-listed companies mined 3,602 Bitcoin in December versus 3,404 the previous month, the bank said.
Jefferies noted that MARA Holdings (MARA) mined the most Bitcoin in December at 890 digital tokens, followed by CleanSpark (CLSK) with 668.
Along with its report, Jefferies lowered its price target on MARA Holdings’ stock to $20 U.S. from $24 U.S. previously, while maintaining a “hold” rating on the shares.
The price of Bitcoin is currently trading at just under $95,000 U.S., having declined from above $100,000 U.S. to start the year.
