Crypto
Decline in Bitcoin Mining Profitability Reported for September
A recent report from Jefferies highlights a decrease in Bitcoin mining profitability for September, with potential challenges anticipated for October due to rising hashrate.
1 min read
Overview
Bitcoin mining profitability saw a decline in September, as per a report from Jefferies. The investment bank pointed out that October may also pose difficulties for miners.
Key Insights
- Profitability Drop: Bitcoin mining profitability decreased in September, largely due to stable Bitcoin prices amidst a rising network hashrate that increased by about 11%.
- Market Dynamics: Jefferies analysts predict challenges, stating, "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."
- Regional Trends: North American mining firms managed to mine a larger share of Bitcoin in September compared to August, accounting for 22.2% of the total network.
Significant Companies
- Marathon Digital topped the list by mining 705 Bitcoins, followed by CleanSpark with 493 mined Bitcoins.
Future Outlook
Jefferies analysts note that the approaching 'Bitcoin election' may bring favorable policies for the industry, regardless of the election outcome.
