- Bitcoin mining profitability dropped in September, the bank said.
- Jefferies said October could be a harder month for the sector as the hashrate has risen 11%, more than offsetting the 5% increase in the bitcoin price.
- North American listed mining companies mined a larger share of the network in September than August, the report said.
The investment bank noted that average daily revenue per exahash fell by 2.6% from the month previous.
According to analysts Jonathan Petersen and Joe Dickstein, October appears challenging as Bitcoin prices have risen by approximately 5%, while the mining network’s hashrate increases by a greater margin of over 11%.
Mining companies based in North America accounted for a greater proportion of mined bitcoins in September compared to August. Specifically, they made up 22.2% of the total network, an increase from 19.9% in August. This rise can be attributed partly to improved operational uptime for these companies, which thrived due to lower temperatures.
In a statement, it was reported that Marathon Digital (MARA) mined the most significant quantity of Bitcoin, with 705 coins, while CleanSpark (CLSK) came in second, mining 493 tokens.
The marathon’s mining power, measured in hashes per second (EH/s), remained the highest within its sector, reaching 36.9 exahashes at the end of September, according to the report. Riot Platforms followed closely with a hashrate of 28.2 EH/s.
Jefferies stated that the “bitcoin election” is nearing its end, implying that regardless of the outcome, there might be gradually beneficial policies enacted for the sector.
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2024-10-14 12:30