Higher Hashrate Weighed on Bitcoin Mining Margins in April, Jefferies Finds

Bitcoin Mining Profitability Declined in April as Network Hashrate Increased, Jefferies Reports

Bitcoin mining profitability took a downward turn in April, impacted by a rising network hashrate that heightened competition among miners, according to a recent report by Jefferies.

Analysts Jonathan Petersen and Jan Aygul highlighted a 6.6% decline in BTC mining profitability last month, largely driven by a 6.7% increase in the Bitcoin network hashrate — the total computational power securing the blockchain. A higher hashrate typically signals increased mining difficulty, pressuring miner margins.

U.S.-listed bitcoin miners mirrored this trend, with total production falling to 3,277 BTC in April from 3,534 BTC in March. These firms represented 24.1% of the network’s total mining output, slightly down from 24.8% in the previous month.

Leading miners included Marathon Digital Holdings (MARA), which mined 705 BTC, and CleanSpark (CLSK) with 633 BTC. Marathon also held the top spot for installed hashrate at 57.3 exahashes per second (EH/s), with CleanSpark trailing at 42.4 EH/s.

Operational uptime remains a key factor, with Iris Energy (IREN) achieving the highest implied uptime at approximately 97%, followed closely by HIVE Digital Technologies (HIVE) at about 96%.

As the network grows more competitive, miners must continue optimizing efficiency to maintain profitability in an evolving market landscape.