According to a Jefferies research report, the profitability of Bitcoin (BTC) mining fell in September as the network’s hashrate (a measure of computational power) continued to climb while the cryptocurrency’s price stagnated.
Bitcoin Mining Profitability Dropped in September, Jefferies Reports
The report highlighted that daily revenue per exahash fell by 2.6% compared to the previous month, reflecting high competition and stagnant BTC prices.
October Could Be Tougher for Miners
Jefferies analysts Jonathan Petersen and Joe Dickstein warned that October could bring more challenges for miners. “While BTC prices are up about 5%, the network’s hashrate is up 11%, more than offsetting this gain,” they wrote.
With increasing Hashrate, more computational power is required to earn the same rewards, further squeezing miners' profit margins.
North American Miners Expand Market Share
The report also noted that North American-listed mining companies increased their share of total Bitcoin production in September, rising to 22.2% from 19.9% in August.
This increase was attributed to increased operational uptime as lower temperatures help mining rigs operate more efficiently.
Among the best miners:
- Marathon Digital (MARA) made the biggest heist of the month by producing 705 BTC.
- CleanSpark (CLSK) followed suit by mining 493 BTC.
Marathon also maintained the largest installed hashrate with 36.9 exahashes per second (EH/s), while Riot Platforms (RIOT) came in second with 28.2 EH/s at the end of September.
*This is not investment advice.