Bitcoin (BTC) mining profitability declined in September as stagnant BTC prices, combined with a higher network hashrate, put pressure on miners, according to a Jefferies research report released Sunday. The report highlights that miners saw their revenue fall, and October is shaping up to be even more challenging.
Profitability Declines Despite Stable BTC Prices
Jefferies analysts Jonathan Petersen and Joe Dickstein noted that Bitcoin’s price remained largely flat throughout September, while the network hashrate — a measure of computational power on the Bitcoin network — rose by 1.7%. As a result, average daily revenue per exahash (EH) dropped 2.6% compared to August.
Looking ahead, the report warns that October could bring further challenges. While Bitcoin prices have risen about 5% so far in the month, the network hashrate increased by 11%, outpacing any potential revenue gains.
North American Miners Increase Market Share
North American public mining companies grew their share of Bitcoin production, accounting for 22.2% of the global network in September, up from 19.9% in August. Jefferies attributed this increase to cooler weather, which improved uptime for miners and reduced operational disruptions.
- Marathon Digital (MARA) led the sector, mining 705 BTC tokens.
- CleanSpark (CLSK) followed with 493 BTC mined during the month.
Top Miners by Installed Hashrate
Marathon Digital maintained the highest installed hashrate among mining firms, operating at 36.9 EH/s at the end of September. Riot Platforms (RIOT) came in second with 28.2 EH/s. These two companies are key players in the Bitcoin mining landscape, benefiting from economies of scale and advanced mining infrastructure.
