Investment bank Jefferies cut its price target on Marathon Digital to $17 from $22, while maintaining a “hold” rating.

A report from investment bank Jefferies noted that bitcoin mining margins fell slightly in July compared to June, according to CoinDesk. Although U.S.-listed miners increased their share of bitcoin production to 21.1 percent in July, compared to 20.7 percent in June, overall profitability was impacted by a more than 6 percent drop in the bitcoin price and a stabilization of network arithmetic, Jefferies cut its price target on shares of Marathon Digital to $17 from $22 while maintaining a “hold” rating. “Marathon Digital produced 692 bitcoins in July, up 17 percent from a year earlier, and continues to lead the industry in terms of arithmetic power. The report also noted that August will be tougher for miners as the network's arithmetic grows further.