coindesk.com
Bitcoin ($BTC) mining profitability fell 7.4% in March, investment bank Jefferies said in a research report Friday.
The drop was due to a 11.2% decline in the average bitcoin price and a 9.1% drop in transaction fees, the report said.
U.S.-listed miners mined 3,534 bitcoin in March versus 3,002 in February, Jefferies said, and these companies accounted for 24.8% of the total network last month, compared to 23.6% the month previous.
MARA Holdings (MARA) produced the most bitcoin in March, with 829 tokens, the report said, followed by CleanSpark (CLSK) with 706 $BTC.
MARA also had the largest installed hashrate, at 54.3 exahashes per second, with CleanSpark the second-largest at 42.4 EH/s, the report added.
Looking at April, Jefferies noted bitcoin is broadly unchanged while the S&P 500 stock index is down 6%. U.S. dollar weakness may be responsible for some of that outperformance, said the bank.
Read more: U.S.-Listed Bitcoin Miners Shed 25% of Their Market Cap in March: JPMorgan