Investment bank Jefferies said in a research report on Friday that Bitcoin (BTC) mining profitability fell 7.4% in March.

The document states that this decline is due to an 11.2% drop in the average price of Bitcoin and a 9.1% decrease in transaction fees.

Miners listed on the U.S. exchange mined 3,534 bitcoins in March, up from 3,002 in February, according to Jefferies. These companies accounted for 24.8% of the network's total hashrate last month, up from 23.6% the previous month.

The report also notes that the largest amount of bitcoins in March was mined by MARA Holdings (MARA) with 829 tokens, followed by CleanSpark (CLSK) with 706 BTC.

Additionally, the document states that MARA has the highest installed hashrate at 54.3 EH/s, while CleanSpark is in second place with 42.4 EH/s.

Looking at April, Jefferies noted that the price of bitcoin was broadly unchanged, while the S&P 500 stock index fell 6%. A weaker U.S. dollar may explain some of that outperformance, the bank said.

Read more: US-listed Bitcoin miners lost 25% of their market cap in March: JPMorgan

Source: cryptonews.net