- Bitcoin mining was notably less profitable in August than July, the report said.
- Jefferies said September could be another difficult month for the miners as bitcoin remains below $60K and the network hashrate continues to advance.
- Mining economics may be moving in the wrong direction but operational efficiency is improving, the bank said.
The report stated that the miner’s typical daily income per exahash decreased by 11.8% compared to the preceding month.
According to analysts Jonathan Petersen and Joe Dickstein, September seems set to present more challenges as Bitcoin’s value hovers below $60,000 and the mining network’s competitive intensity, represented by the hash rate, keeps increasing.
Jefferies points out that fewer instances of intense heat were experienced this summer, resulting in improved operational hours for the biggest mining operations. Last month’s bitcoin production by Marathon Digital (MARA) suggests approximately 88% uptime, compared to 75% in August of the previous year.
Among the top 10 Bitcoin miners monitored by the bank, their total operational time last month averaged approximately 83%, which is an increase compared to 76% from a year ago and slightly lower than the 79% recorded in August 2022.
According to the authors, although economic aspects of mining seem to be heading in a less favorable direction, there’s an improvement being seen in terms of operational effectiveness.
In August, American mining firms mining Bitcoin saw a decrease compared to the previous month, according to the report. These companies represented approximately 19.9% of the entire Bitcoin mining network, with them adding new capacity more rapidly than the overall mining power (hashrate) grew.
Last month, Marathon mined the largest quantity of tokens, specifically 673 bitcoins, according to the report. Coming in at a close second was CleanSpark (CLSK), who mined 478 bitcoins.
Among the group, Marathon’s hash rate continues to be the most substantial, with Riot Platforms (RIOT) coming in a close second, according to the report.
According to a report released by JPMorgan recently, they stated that mining profits reached record lows during the initial fortnight of August.
Read more: Bitcoin Mining Profitability Fell to All Time Lows in August, JPMorgan Analyst Says
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2024-09-11 12:32