“A rising Bitcoin Price Is Seen As MOST FAVORABLE FOR Galaxy’s Digital Assets Business Business, While Mines Fight A Rising Network Hashrate, The Report Said.”, – WRITE: www.coindesk.com
Mining Profitability Increased 2% in July As the Price of the World’s Largest Cryptocurrency Rose 7% of the Network Hashrate Jumped 5%, Investment Bank Jefferies Said.
“We See Positive BTC Price Momentum as MOST FAVORABLE FOR GALAXY’S (GLXY) Digital Assets Business, While Mines Fight A Rising Network Hashrate,” Analyst Jonathan Wro.
The Hashrate Refers to the Total Combined Computational Power Used to Mine and Process Transactions on A Proof-of-Work Blockchain, and Is a Proxy for Competition in the Industry and Mining. IT IS MEASURED IN Exahashes per Second (Eh/S).
US-Listed Mining Companies MINED 3.622 Bitcoin in July, Versus 3,379 Coins The Month Before, The Report SAID, AND THESE FIRMS Accounted for 26% of the Total Network.
Iren (Iren) mined the most bitcoin, with 728 tokens, followed by Mara Holdings (Mara) with 703 BTC, The Bank Noted.
Jefferies Said Mara’s Energized Hashrate Remains the Largest of the Sector, At 58.9 Eh/S at the End of July, with Cleanspark (CLSK) Second With 50 eh/s.
Revenue per exahash/second also increased. “A HyPotHetical One eh/s fleet of btc miners wold have had ~ $ 57k/day in Revenue Dringing July, VS ~ $ 56k/Day in June And ~ $ 50ka Year Ago,” The Analyst Wrote.
Read More: Bitcoin Miner Mara Steps Into HPC with Majority Stake in EDF Subsidiary: HC Wainwright
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Institutes Ramped Up BTC Exposure in Q2 Through Spot etfs Like Ibit and Crypto-Linked Stocks, Signaling Growing Comfort with The Asset Classes.
- Wall Street Institutions Significantly Increated Their Indirect Exposure to Bitcoin in Q2 Through Spot Etfs and Crypto-Linked US Stocks, Sec Filings Show.
- Brevan Howard Nearly Doubbled Its Position in Blackrock’s ishares Bitcoin Trust to $ 2.3 Billion, While Goldman Sachs, Wells Fargo, and Cantor Fitzgerald-Stoc.
- Norway’s Sovereign Wealth Fund Also Grew Its Indirect Bitcoin Exposure by 192% Year-Over-Year by Investing in Companies Like Microstrategy and Coinbase, Thouh The Position of the Position Trillion Portfolio.
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