• Bitcoin mining profits fell in September 2024 as hashrate rose 1.7% and prices stayed flat.
  • Average daily revenue per exahash fell by 2.6%, putting pressure on Bitcoin miners’ profit margins.

Bitcoin (BTC) mining profitability took a hit in September 2024, as rising network difficulty and a steady Bitcoin price put pressure on miners. U.S. investment bank Jefferies highlighted that the network’s hashrate saw a 1.7% increase, making it tougher for miners to generate rewards despite Bitcoin’s value remaining mostly unchanged.

A key reason for the drop in mining profitability was the 2.6% decline in average daily earnings per exahash. With rising costs and a challenging environment, Bitcoin miners are seeing tighter margins in their profits. Jefferies analysts also warn that “October could be even more difficult,” predicting a potential 5% Bitcoin price rise but an even steeper 11% jump in hashrate, which may further squeeze profits.

North American Miners Gain Ground Amid Rising Competition

Interestingly, publicly listed mining companies in North America have stepped up their efforts. They increased their share of total mining from 19.9% in August to 22.2% in September. Marathon Digital took the lead by mining 705 BTC, followed by CleanSpark, which mined 493 BTC. Marathon also holds the largest installed hashrate in the industry, standing at 36.9 exahashes per second (EH/s), while Riot Platforms followed with 28.2 EH/s.

As the competition heats up, miners face increasing pressure to balance costs and output in an evolving landscape.

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