Crypto/Finance/Market Analysis
Bitcoin Mining Profitability Falls 7.4% in March Amid Price and Fee Decline: Jefferies Report
Jefferies highlights a significant downturn in Bitcoin mining profitability driven largely by reduced Bitcoin prices and transaction fees.
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Bitcoin mining profitability dropped by 7.4% in March, as reported by the investment bank Jefferies. This decline stems from a 11.2% average drop in Bitcoin prices and a 9.1% drop in transaction fees.
Key Insights:
- Bitcoin miners operating on U.S. stock markets mined 3,534 BTC in March, a notable increase from 3,002 BTC in February.
- These miners reportedly held 24.8% of the total network capacity last month, up from 23.6% prior.
- MARA Holdings (MARA) led Bitcoin production in March with 829 BTC, followed by CleanSpark (CLSK) at 706 BTC.
- In terms of hash power, MARA also maintained the top position with a 54.3 EH/s hashrate, while CleanSpark followed with 42.4 EH/s.
As for April, Bitcoin’s performance remains stable, contrasting with a 6% drop in the S&P 500 index, which may be influenced by a weakened U.S. dollar, according to Jefferies.
