Bitcoin Mining Profitability Declines in April as Network Hash Rate Rise: Jefferies

Bitcoin

Investment bank Jefferies said in a research report published on Tuesday that BTC mining profits of $106,546.31 in April declined as the network's hashrate increased.

“BTC mining profitability fell by 6.6% in April, driven by a 6.7% increase in the network hashrate,” analysts Jonathan Petersen and Yan Aigul note.

Hashrate refers to the total computing power used to mine and process transactions on a proof-of-work blockchain and serves as an indicator of the competition in the space and the difficulty of the mining process.

The report found that listed U.S. mining companies mined 3,277 bitcoins in April, down from 3,534 in March. These companies accounted for 24.1% of the network's total hashrate last month, down from 24.8% the previous month.

According to Jefferies, MARA Holdings (MARA) mined the most bitcoins with 705 tokens, followed by CleanSpark (CLSK), which mined 633 BTC.

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

The report also mentioned that IREN (IREN) demonstrated the highest estimated uptime at around 97%, followed by HIVE Digital Technologies (HIVE) at around 96%.

Read more: Bitcoin network hashrate increases slightly in first two weeks of May: JPMorgan

Source: cryptonews.net