Bitcoin mining profitability saw a dip of 5% during the past month, according to a recent analysis released Sunday by the investment firm Jefferies. The primary reason cited for this decline is the increase in the Bitcoin network’s hashrate. For live Bitcoin price updates, check our dedicated page.
The team of Jefferies analysts, spearheaded by Jonathan Petersen, explained that a hypothetical mining operation utilizing one EH/s (exahash per second) could have pulled in roughly $55,000 in revenue per day during August. This contrasts with the approximate $58,000 per day earned in July and the $44,000 generated a year prior.
The hashrate represents the cumulative processing power dedicated to mining and confirming transactions on a proof-of-work blockchain. It serves as an indicator of competition within the mining sector and the overall difficulty of mining. The hashrate is expressed in exahashes per second (EH/s).
The report further highlights that mining firms listed in the U.S. collectively mined 3,573 Bitcoin during August, slightly less than the 3,598 mined in July. These companies accounted for 26% of the entire Bitcoin network’s hashrate during the past month, a figure consistent with the previous month.
According to Jefferies’ assessment, MARA Holdings (MARA) led the pack in Bitcoin mined, accumulating 705,703 tokens, followed by IREN (IREN).
MARA also currently boasts the largest energized hashrate within the group, standing at 59.4 EH/s. CleanSpark (CLSK) comes in second place, with a hashrate of 50 EH/s, as noted in the research report.
Find more on this topic: Bitcoin Network Hashrate Returned to All-Time Highs in August: JPMorgan