Jefferies: Bitcoin Mining Margins Contracted in August

Bitcoin Mining Revenue Falls 5% in August as Hashrate Climbs, Says Jefferies

Bitcoin mining profitability dropped 5% in August, driven mainly by a rise in the network hashrate, according to a research report from investment bank Jefferies released Sunday.

“A theoretical one EH/s fleet of BTC miners would have generated roughly $55,000 per day in August, compared with $58,000 per day in July and $44,000 per day a year ago,” the report, led by analysts including Jonathan Petersen, noted.

The hashrate — the total computing power dedicated to mining and processing Bitcoin transactions — is a key measure of network competition and mining difficulty, expressed in exahashes per second (EH/s).

U.S.-listed mining firms mined 3,573 BTC in August, slightly down from 3,598 BTC in July, maintaining a 26% share of the Bitcoin network, unchanged from the previous month.

Among U.S.-listed miners, MARA Holdings (MARA) produced the most BTC, with 705,703 tokens, followed by IREN (IREN). MARA also leads the group in energized hashrate at 59.4 EH/s, with CleanSpark (CLSK) in second place at 50 EH/s.