November was a strong month for Bitcoin miners, with the surge in Bitcoin prices outpacing the rise in the network’s hashrate, according to a report from investment bank Jefferies. The report suggests that the recent rally in Bitcoin’s price, which reached record highs earlier this week, is likely to sustain miner profitability into December.

In November, Bitcoin mining economics saw significant improvement. The average price of Bitcoin increased by 31%, while the network’s hashrate rose by nearly 4%. The hashrate is a key metric that indicates the total computing power devoted to the Bitcoin network, serving as a proxy for mining difficulty and competition.

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

While U.S.-listed miners mined fewer Bitcoins compared to the previous month, they still represented 24.7% of the network’s total hash rate. The report also noted an improvement in uptime, likely linked to the colder winter months.

Marathon Digital Holdings (MARA) led the way with the highest Bitcoin production at 907 BTC mined in November, followed by CleanSpark (CLSK), which mined 622 BTC. Marathon’s installed hashrate remained the largest in the sector, at 46.1 exahashes per second (EH/s), while CleanSpark followed with 33.7 EH/s.