Bitcoin Mining Profits Fall 5% in August as Hashrate Rises, Jefferies Reports
Bitcoin mining profitability declined by 5% in August, primarily driven by an increase in the network’s hashrate, according to a Sunday research note from Jefferies.
“A hypothetical one EH/s fleet of BTC miners would have earned around $55,000 per day in August, compared with $58,000 per day in July and $44,000 per day a year ago,” the report said, authored by analysts led by Jonathan Petersen.
The hashrate — the total computational power used to mine and process Bitcoin transactions — serves as a measure of network competition and mining difficulty, expressed in exahashes per second (EH/s).
U.S.-listed mining companies produced 3,573 BTC in August, slightly lower than July’s 3,598 BTC, and collectively represented 26% of the Bitcoin network, unchanged from the prior month.
MARA Holdings (MARA) mined the most BTC among U.S.-listed companies, with 705,703 tokens, followed by IREN (IREN). MARA also leads in energized hashrate at 59.4 EH/s, with CleanSpark (CLSK) in second place at 50 EH/s.
