Bitcoin Mining Profitability Declines 5% in August as Hashrate Rises, Jefferies Says
Bitcoin mining revenues fell 5% in August, largely due to an increase in the network’s hashrate, according to a research report from Jefferies released Sunday.
“A hypothetical one EH/s fleet of BTC miners would have earned approximately $55,000 per day in August, compared with $58,000 per day in July and $44,000 per day a year ago,” the report, led by analysts including Jonathan Petersen, stated.
The hashrate — the total computing power used to mine and process transactions on Bitcoin’s proof-of-work blockchain — is a key measure of mining competition and network difficulty, expressed in exahashes per second (EH/s).
U.S.-listed mining companies produced 3,573 BTC in August, slightly lower than the 3,598 BTC mined in July, representing 26% of the Bitcoin network, unchanged from the previous month.
MARA Holdings (MARA) led U.S. miners with 705,703 BTC mined, followed by IREN (IREN). MARA also holds the largest energized hashrate in the group at 59.4 EH/s, with CleanSpark (CLSK) in second at 50 EH/s.
