According to the report published by investment bank Jefferies on September 11, 2024, Bitcoin (BTC) mining showed a significantly lower profitability in August compared to July. The average Bitcoin price fell more than 4% in August, while the average network hashrate increased by approximately 2.7%.

Under these conditions, miners’ average daily income decreased by 11.8% per exahash.

According to the report, “September is shaping up to be a challenging period as BTC remains below $60,000 and the network hashrate continues to rise,” analysts Jonathan Petersen and Joe Dickstein said, adding that Bitcoin hashrate is an indication of competition in the industry and mining difficulty. He stated that it was an indicator.

Jefferies said there have been fewer extreme heat days this summer, providing better working hours for the largest miners. The amount of Bitcoin mined by Marathon Digital (MARA) last month represents approximately 88% uptime; this was recorded at 75% in August the previous year.

Last month’s indirect uptime for the ten major Bitcoin miners tracked by the bank was calculated at approximately 83%, while a year ago this rate was measured at 76% and in August 2022 at 79%.

According to the report, an assessment was made that “The mining economy may be moving in the wrong direction, but operational efficiency is increasing.” This shows that although there are economic challenges in the mining field, operational efficiency is improving.

It has been noted that US-based mining companies mined a lower share of new Bitcoins in August and that “public players are deploying new capacity faster than network hashrate.” Therefore, these companies constituted 19.9% ​​of the total network.

The company that issued the most Bitcoin last month was Marathon, which produced 673 Bitcoins. CleanSpark (CLSK) ranked second with 478 BTC. Marathon’s installed hashrate continues to be larger than other companies in the group, with Riot Platforms (RIOT) trailing behind.

JPMorgan, one of the big names on Wall Street, emphasized that mining profitability fell to an all-time low in the first two weeks of August. This situation reveals how deep the economic difficulties in the mining industry have become and the profitability of Bitcoin mining has decreased.

September is expected to be a tough month for miners, and the impact of Bitcoin’s price and network hashrate will continue to impact mining profitability. Miners can review their strategies to improve their operational efficiency and develop new approaches to adapt to market conditions.