Bitcoin Miners Saw Reduced Profitability in August, Says Jefferies

Bitcoin Mining Profits Dip 5% in August Amid Rising Network Hashrate, Says Jefferies

Bitcoin mining profitability fell by 5% in August, primarily due to an increase in the network’s hashrate, according to a research note from Jefferies published Sunday.

“A hypothetical 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 analyst Jonathan Petersen, said.

The hashrate — the total computational power used to mine and process Bitcoin transactions — serves as a key indicator of network competition and mining difficulty. It is measured in exahashes per second (EH/s).

U.S.-listed mining companies mined 3,573 BTC in August, slightly down from 3,598 BTC in July, representing 26% of the Bitcoin network, unchanged from the prior month.

Among U.S. miners, MARA Holdings (MARA) led production with 705,703 BTC, followed by IREN (IREN). MARA also holds the largest energized hashrate at 59.4 EH/s, with CleanSpark (CLSK) in second place at 50 EH/s.