Bitcoin miners had a strong month in November, with a notable increase in profitability driven by Bitcoin’s price rally, which outpaced the rise in the network’s hashrate, according to a report by Jefferies. The surge in Bitcoin’s price to record levels earlier this week is expected to carry over into December, maintaining profitability for miners.
The report highlights that Bitcoin mining conditions improved in November. The average Bitcoin price was up by 31%, while the network hashrate saw an increase of nearly 4%. The hashrate, which reflects the total computational power securing the Bitcoin network, serves as an indicator of competition within the industry and mining difficulty.
Jefferies analysts Jonathan Petersen and Jan Aygul noted a 20.7% month-over-month increase in “average daily revenue per exahash,” which reached $55,649.
While U.S.-listed miners mined less Bitcoin than in October, they still accounted for 24.7% of the total network hashrate. The report also pointed out that mining uptime improved, which may be due in part to the arrival of colder winter temperatures.
Marathon Digital Holdings (MARA) led the pack with 907 BTC mined, while CleanSpark (CLSK) followed closely behind with 622 BTC. Marathon also held the largest installed hashrate in the industry, at 46.1 exahashes per second (EH/s), with CleanSpark at 33.7 EH/s.
