Jefferies Report: Bitcoin Mining Profitability Drop 2.6% as Hashrate Climbs
According to Jefferies research report released on Sunday, the profitability of bitcoin mining decreased in September compared to the previous month, even though the network hash rate increased by roughly 1.7% and the average price of the biggest cryptocurrency in the world remained almost steady. The investment bank reported a 2.6% decrease in average daily revenue per exahash compared to the previous month.
October is currently poised to be a harder month with BTC prices only up around 5%, while the network hashrate up +11% more than offsets that growth,
analysts Jonathan Petersen and Joe Dickstein
North American Miners Increase Bitcoin Network Share to 22.2%, Marathon Leads with 36.9 EH/s
In September, North American listed mining companies made up 22.2% of the entire network, up from 19.9% in August, and mined a higher percentage of bitcoin than in August, according to the report. Because these businesses benefited from lower temperatures, this was partly driven by improved uptime.
According to the bank, CleanSpark (CLSK) mined 493 bitcoin tokens, while Marathon Digital (MARA) mined the most, 705 tokens. At the end of September, Marathon’s installed hash rate was 36.9 exahashes per second (EH/s), which was still the most in the industry, according to the report. Jefferies pointed out that the Bitcoin elections are almost over. Whatever the outcome, it could gradually see more pro-business measures, he said.
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