Bitcoin Mining Profitability Declines 5% in August Amid Rising Hashrate, Says Jefferies

Bitcoin mining profitability fell 5% in August, largely due to an increase in the network hashrate, according to a research report from investment bank Jefferies published Sunday.

“A hypothetical one EH/s fleet of BTC miners would have generated approximately $55,000 per day in revenue during August, compared with $58,000 per day in July and $44,000 per day a year ago,” the report said, led by analysts including Jonathan Petersen.

The hashrate — the total computational power used to mine and process transactions on Bitcoin’s proof-of-work blockchain — serves as a proxy for competition in the mining sector and overall network 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. These firms represented 26% of the total Bitcoin network, unchanged from the previous month.

MARA Holdings (MARA) led U.S.-listed miners, producing 705,703 tokens, followed by IREN (IREN), according to Jefferies. MARA also maintains the largest energized hashrate in the group at 59.4 EH/s, with CleanSpark (CLSK) in second place at 50 EH/s.