Key Points:
- December is anticipated to be a lucrative month for bitcoin miners.
- The miners succeeded in November as the price increase of bitcoin outstripped the rise in network hashrate.
- MARA Holdings recorded the highest bitcoin production in November, holding the largest hashrate in the industry.
Jefferies' report notes that bitcoin's ascent to record highs earlier this week is expected to help miners maintain their profitability into December.
The average bitcoin price rose by 31% in November, while the average network hashrate increased by nearly 4%. "Average daily revenue per exahash was $55,649, demonstrating a month-on-month rise of 20.7%," noted analysts Jonathan Petersen and Jan Aygul.
Despite U.S.-listed miners producing less bitcoin in November compared to October, they captured 24.7% of the total network output. Overall, the bank stated that improved uptime, possibly due to dropping temperatures with winter's arrival, played a role in these outcomes.
MARA Holdings led the way by mining 907 bitcoins in November, followed by CleanSpark, which produced 622 bitcoins. MARA's hashrate was reported at 46.1 exahashes per second, making it the top performer in the sector, while CleanSpark followed with 33.7 EH/s.
Read more: Bitcoin Mining Economics Continued to Improve in December, JPMorgan Says
