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Jefferies Reports 7% Drop in Bitcoin Mining Profitability in September

Bitcoin mining profitability declines over 7% due to falling prices and rising hashrate, impacting North American miners’ production and market share.

BTC

Summary

Bitcoin mining profitability fell by more than 7% in September, driven by a 2% drop in Bitcoin prices and a 9% increase in network hashrate. North American miners produced 3,401 BTC, down from 3,576 BTC in August, with their global market share dropping from 26% to 25%. MARA Holdings led production with 736 BTC, while CleanSpark mined 629 BTC. Average daily revenue per 1 EH/s dropped to $52,000 from $56,000, reflecting tightening margins due to price declines and rising network difficulty.

Terms & Concepts
  • Hashrate: A measure of the computational power used to mine and process transactions on the Bitcoin network.
  • EH/s (Exahash per second): A unit of measure for hashrate equal to one quintillion hashes calculated every second.
  • Mining Difficulty: A parameter that determines how hard it is to find a new block, adjusting periodically based on network hashrate.