Overview

Mining profitability for Bitcoin dropped in April as the network hashrate increased, according to a research report from investment bank Jefferies.

Key Insights

• Bitcoin mining profitability fell by 6.6% in April due to a 6.7% rise in the network hashrate.
• U.S.-listed miners produced 3,277 bitcoin in April, down from 3,534 in March, accounting for 24.1% of the total network.
• MARA Holdings led bitcoin production with 705 tokens mined, followed by CleanSpark with 633 BTC.

“BTC mining profitability decreased by 6.6% in April, driven by a 6.7% increase in the network hashrate,” (Jefferies analysts Jonathan Petersen and Jan Aygul said.)

Additional Details

MARA’s hashrate was the highest at 57.3 exahashes per second (EH/s), while CleanSpark followed with 42.4 EH/s. IREN had the highest uptime around 97%, with HIVE Digital Technologies at about 96%.

Read more: Bitcoin Network Hashrate Rose Slightly in First Two Weeks of May: JPMorgan