Bitcoin Mining Profitability Drops in April as Network Hashrate Surges, According to Jefferies
Bitcoin mining profitability declined in April due to a notable increase in the network’s hashrate, investment bank Jefferies reported on Tuesday.
Analysts Jonathan Petersen and Jan Aygul stated that BTC mining profitability decreased by 6.6% last month, driven by a 6.7% rise in the overall network hashrate — a measure of the total computational power used to mine Bitcoin and process transactions. This rise reflects growing competition and increased mining difficulty.
Publicly traded U.S. mining companies also produced fewer bitcoins in April, with a combined output of 3,277 BTC, down from 3,534 BTC in March. These firms accounted for 24.1% of the Bitcoin network’s total mining activity in April, compared with 24.8% in March.
Leading the pack, Marathon Digital Holdings (MARA) mined the most coins at 705 BTC, followed by CleanSpark (CLSK) with 633 BTC. Marathon held the largest installed hashrate at 57.3 exahashes per second (EH/s), with CleanSpark in second place at 42.4 EH/s.
Operational uptime was highest for Iris Energy (IREN), which maintained an implied uptime of around 97%, followed closely by HIVE Digital Technologies (HIVE) at approximately 96%.
As mining competition intensifies, efficiency and uptime will remain crucial factors for profitability in the sector.
