Bitcoin Mining Profitability Fell in April as Network Hashrate Rose: Jefferies

Bitcoin

mining profitability fell in April as the network hashrate rose, investment bank Jefferies said in a research report Tuesday.

"$BTC mining profitability decreased by 6.6% in April, driven by a 6.7% increase in the network hashrate," analysts Jonathan Petersen and Jan Aygul wrote.

The hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain, and is a proxy for competition in the industry and mining difficulty.

U.S. publicly listed mining companies produced 3,277 bitcoin in April, a drop from the 3,534 coins that were mined in March, the report noted, and these firms accounted for 24.1% of the total network last month, versus 24.8% in the month previous.

MARA Holdings (MARA) mined the most bitcoin, with 705 tokens, followed by CleanSpark (CLSK), which produced 633 $BTC, Jefferies said.

MARA's installed hashrate remained the highest at 57.3 exahashes per second (EH/s), with CleanSpark second with 42.4 EH/s, the bank noted.

IREN (IREN) had the highest implied uptime at around 97%, followed by $HIVE Digital Technologies ($HIVE) at about 96%, the report added.

Read more: Bitcoin Network Hashrate Rose Slightly in First Two Weeks of May: JPMorgan