Hashrate Declines, Profits Rise

⬛Bitcoin’s average monthly hashrate dropped by about 3% in June, according to JPMorgan. Analysts attribute the decline to a seasonal mining slowdown in the U.S., particularly in Texas, where firms like Cipher, IREN, and Riot operate. Despite the lower hashrate, the industry continues to see rising profitability.

⬛Miners earned an average of $55,300 per EH/s per day — a 7% increase compared to April. Gross block rewards reached their highest level since January. Amid rumors of a potential deal between Core Scientific and CoreWeave, HPC-focused companies outperformed. IREN led the gains with a 67% surge, while Bitfarms posted the worst performance with a 19% drop.