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Mining profitability increased by 5.3% in June, buoyed by a 1.2% rise in Bitcoin’s price and a 6.7% drop in the network hashrate, according to a report by investment bank Jefferies.

The hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain and serves as a proxy for competition in the industry and mining difficulty. It is measured in exahashes per second (EH/s).

The profitability boost was influenced by extreme summer heat across the U.S., driving up energy prices and leading less efficient miners to throttle their operations.

In July, Bitcoin surged past $123,000, setting a new all-time high, driven by favorable crypto regulation and a weakening U.S. dollar following tariff-related comments from President Donald Trump. This macro and regulatory backdrop has intensified investor interest and provided a fresh tailwind for mining firms, the report indicated.

Despite the improved profitability, North American public miners experienced a month-over-month decline in Bitcoin production, as analysts Jonathan Petersen and Jan Aygul noted.

In June, they mined a total of 3,382 BTC, down from 3,754 in May, accounting for 25.1% of the global network, compared to 26.3% the prior month.

MARA (MARA) led in output with 713 BTC mined, followed by CleanSpark with 685 tokens. MARA also maintained its lead in energized hashrate, posting 57.4 EH/s at the end of June, down slightly from May’s 58.3 EH/s. CLSK held the second-highest hashrate at 45.3 EH/s, according to the bank.

Bitcoin mining economics improved last month. A hypothetical 1 EH/s mining fleet would have generated approximately $57,000 in daily revenue during June, up from $54,000 in May, the report added.

Read more: Bitcoin Network Hashrate Declined in June as Miners Reacted to Recent Heatwave: JPMorgan