Bitcoin mining profitability declined in August compared to July as the average bitcoin price dropped and the average network hashrate increased, according to Jefferies. The investment bank predicts that September will also be a challenging month for miners as bitcoin remains below $60K and the hashrate continues to rise. However, Jefferies also highlights that operational efficiency is improving, despite the negative mining economics. Jefferies notes that the largest miners benefited from better uptime due to fewer days of extreme heat this summer. U.S.-listed mining companies mined a lower share of new bitcoin in August than the previous month, and Marathon Digital was the top miner, followed by CleanSpark. JPMorgan previously reported that mining profitability hit all-time lows in the first two weeks of August.



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