According to a research report by Jefferies, Bitcoin mining was more profitable in June compared to May due to a 2% increase in the cryptocurrency’s price and a 5% drop in the network’s hashrate.
This was also a result of the market adjusting to the effects of the halving that took place in April. Analyst Jonathan Petersen described June as a month of slight recovery from the initial impacts of the halving, which were most noticeable in May.
Hashrate is an indicator of competition and mining difficulty.
With the halving slowing the rate of Bitcoin supply growth due to a 50% decrease in miners’ rewards, the market has become more competitive.
