Bitcoin Mining Profitability Slips in April as Network Hashrate Climbs, Says Jefferies
Bitcoin mining became less profitable in April as overall network competition intensified, according to a research report released Tuesday by investment bank Jefferies.
Analysts Jonathan Petersen and Jan Aygul noted that BTC mining profitability dropped by 6.6% last month, largely due to a 6.7% rise in the Bitcoin network hashrate — a key indicator of mining difficulty and competition. The hashrate represents the total computational power dedicated to securing the Bitcoin network, and an increase typically signals tougher conditions for miners.
U.S.-listed bitcoin mining companies also saw a decline in production. According to Jefferies, these firms mined a total of 3,277 BTC in April, down from 3,534 BTC in March. Their share of total network production edged lower as well, falling to 24.1% from 24.8% month-over-month.
Among the publicly traded miners, Marathon Digital Holdings (MARA) led the group with 705 BTC mined, followed by CleanSpark (CLSK) with 633 BTC. Marathon also maintained the largest installed hashrate at 57.3 exahashes per second (EH/s), while CleanSpark came in second with 42.4 EH/s.
In terms of operational performance, Iris Energy (IREN) posted the highest implied uptime, operating at approximately 97%, with HIVE Digital Technologies (HIVE) close behind at around 96%, the report added.
