BTC’s climb to record highs earlier this week is expected to provide miners with an opportunity to extend their profitability from November into December, as reported by investment bank Jefferies on Wednesday.
According to the report, Bitcoin mining economics saw improvement in November, with the average price of bitcoin increasing by 31% and the average network hashrate rising by nearly 4%.
The hashrate, which reflects the total computing power dedicated to a network, serves as a gauge for competition within the industry and mining difficulty.
“The average daily revenue per exahash reached $55,649, marking a 20.7% month-on-month growth,” noted analysts Jonathan Petersen and Jan Aygul.
Although U.S.-listed miners produced less bitcoin in November compared to the previous month, they accounted for a larger share on a network basis, constituting 24.7% of the total network.
The report highlighted an improvement in uptime, possibly attributed to colder temperatures as winter approaches.
In terms of mining output, MARA Holdings (MARA) led the way by mining 907 bitcoin in November, followed by CleanSpark (CLSK) with 622.
MARA maintained the largest installed hashrate in the sector at 46.1 exahashes per second (EH/s), with CleanSpark following closely behind at 33.7 EH/s.
For more insights, check out: Bitcoin Mining Economics Continued to Improve in December, JPMorgan Says