CandleFocus Bitcoin Mining Profitability Fell in September, Jefferies Says
2024-10-14
Author: Content Editor
In September, Bitcoin mining profitability decreased as the average price of Bitcoin remained stable while the network hashrate increased, according to a research report by Jefferies. The report stated that October could be a more challenging month for the sector, with the hashrate rising 11% and the Bitcoin price increasing only 5%. North American listed mining companies mined a larger share of Bitcoin in September compared to August, accounting for 22.2% of the total network. Marathon Digital and CleanSpark were the top two mining companies, with Marathon having the largest installed hashrate in the sector. Jefferies also mentioned that the "bitcoin election" is coming to an end, and regardless of the outcome, favorable policies towards the industry could be expected.
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