Will Canny is CoinDesk's finance reporter.
The bank also reduced its price target for Argo Blockchain ADRs to $1.20 from $1.50 and for the U.K.-traded stock to 9.5p from 11.9p.mining was more profitable in June than May as the price of the cryptocurrency rose 2% and the network hashrate dropped by 5%, and as the market adjusted to the effects of the halving, investment bank Jefferies said in a research report on Monday.
The bank noted that a number of bitcoin miners have pivoted towards to high-performance computing and artificial intelligence hosting to diversify their revenue and capitalize on surging demand for AI and cloud computing infrastructure.
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