Jefferies (JEF) says a quarter of the world’s cryptocurrency miners are now based in the US

A quarter (25%) of the world Cryptocurrency The miners are now residing in the United States, according to a new report from… Jefferies Financial Group (Jeff).

Mining profitability In the United States, the average price improved in December last year Bitcoin (btc) The network hash rate rose 15% during the month, outpacing the network hash rate increase of 6.5%, the Jefferies report said. Hash rate refers to the computer power needed to extract and process Bitcoin transactions on the proof-of-work blockchain and is a proxy for mining difficulty.

Average daily revenue was $59,585, an increase of 7.1% from November. The bank said in its report that listed companies in the United States mined 3,602 Bitcoin in December, compared to 3,404 in the previous month. Jeffries noted that MARA Holdings (Mara) It mined the most Bitcoin in December with 890 digital tokens, followed by CleanSpark (CLSK) With 668.

Profitability booms

Along with its report, Jefferies lowered its price target on MARA Holdings stock to $20 from $24 previously, while maintaining a Hold rating on the stock. The price of Bitcoin is currently trading at around $94,000, having fallen from over $100,000 at the beginning of the year.

Separate report from JPMorgan Chase (JBM) In recent days he mentioned it Bitcoin miners Revenues and total profits rose for the second straight month in December. According to JPMorgan, Bitcoin mining profitability has now reached its highest level since April 2024 when the recent halving event reduced the available supply of BTC by 50%.

Is BTC a buy?

Most Wall Street firms don’t offer ratings or price targets for Bitcoin, so we’ll take a look at the cryptocurrency. Performance for three months instead of. As one can see in the chart below, the price of Bitcoin has risen by 48% in the past 12 weeks.