Jefferies Anticipates Bitcoin Miners Will Be in the Green This December.

November proved to be a robust month for Bitcoin miners, as the surge in Bitcoin prices significantly outpaced the rise in the network’s hashrate, according to a report from investment bank Jefferies.

The report suggests that the record-breaking highs in Bitcoin’s price earlier this week are likely to help miners continue their profitability into December. In November, the dynamics of Bitcoin mining improved, with the average price of Bitcoin climbing by 31%, while the network’s hashrate increased by nearly 4%.

The hashrate, which reflects the total computing power dedicated to the network, is an important indicator of mining competition and difficulty. Jefferies analysts Jonathan Petersen and Jan Aygul noted, “Average daily revenue per exahash was $55,649, marking a 20.7% increase month-over-month.”

While U.S.-listed miners mined less Bitcoin in November compared to the previous month, they still represented 24.7% of the network’s total mining output. The report also highlighted that uptime had improved, potentially due to colder temperatures as winter set in.

Marathon Digital Holdings (MARA) was the leading miner, extracting 907 BTC in November, followed by CleanSpark (CLSK) with 622 BTC. In terms of hashrate, MARA held the largest installed capacity at 46.1 exahashes per second (EH/s), with CleanSpark in second place at 33.7 EH/s.