Bitcoin Mining Was More Profitable in February Than January: Jefferies
Bitcoin mining was more profitable in February than in January due to a 15% increase in the cryptocurrency's price, according to a research report by investment bank Jefferies. The report also noted that the network hashrate increased at a slower rate of 9%. Publicly listed North American mining companies produced a smaller share of bitcoin, slipping to 17.5% from 19%, as new hashrate came from other sources. Marathon Digital, which previously used third-party providers to host its machines, is now buying out some of the hosting services. Jefferies maintained its hold rating on Marathon Digital shares and cut its price target to $24 from $30. It increased its price target on hold-rated Argo Blockchain to $1.50 from $1.20 due to the higher bitcoin price.
