Bitcoin Miners Are Set to Thrive in December, According to Jefferies.

Bitcoin miners had a strong performance in November, as the surge in Bitcoin’s price outpaced the increase in the network’s hashrate, according to a report by investment bank Jefferies. The rally in Bitcoin, which reached record highs earlier this week, is expected to extend miner profitability into December.

The report revealed that Bitcoin mining economics improved significantly in November. The average Bitcoin price increased by 31%, while the network’s hashrate rose by almost 4%. The hashrate, a measure of the total computing power securing the Bitcoin network, is an indicator of both mining competition and network difficulty.

Jefferies analysts Jonathan Petersen and Jan Aygul noted that “average daily revenue per exahash stood at $55,649, representing a 20.7% month-over-month increase.”

Despite U.S.-listed miners producing less Bitcoin in November compared to the previous month, they still accounted for 24.7% of the overall network’s hashrate. The report also highlighted that mining uptime improved, which could be attributed to colder winter temperatures.

Marathon Digital Holdings (MARA) topped the production list with 907 BTC mined in November, followed by CleanSpark (CLSK) with 622 BTC. Marathon also maintained the largest installed hashrate in the sector at 46.1 exahashes per second (EH/s), with CleanSpark in second place at 33.7 EH/s.