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Bitcoin (BTC) mining experienced a significant drop in profitability in August as both the average Bitcoin price fell and the network hashrate increased, according to a research report by investment bank Jefferies.
<h2 id="bitcoin-mining-profitability-dropped-in-august-jefferies-reports">Bitcoin Mining Profitability Dropped in August, Jefferies Reports</h2>
The report, published today, revealed that miners’ average daily revenue per exahash fell by 11.8% compared to July. This decline was driven by a 4% drop in the Bitcoin price and a 2.7% increase in the average network hashrate, which measures competition among miners.
Jefferies analysts Jonathan Petersen and Joe Dickstein have warned that September could bring more challenges. With Bitcoin still trading below $60,000 and the network hashrate continuing to rise, the profitability outlook for miners remains subdued.
Despite these economic challenges, operational efficiency has improved across the mining industry. Jefferies noted that fewer extreme heat days during the summer contributed to better uptime for the largest miners.
For example, Bitcoin mined by Marathon Digital (MARA) in August represented an 88% improvement in operational uptime, up from 75% in August 2023. For the ten largest miners tracked by the bank, average uptime rose to 83% from 76% a year ago.
The report highlighted that US-listed mining companies mined a lower share of new bitcoin in August compared to the previous month, contributing 19.9% to the total network.
Marathon led the group by mining 673 BTC, followed by CleanSpark (CLSK) with 478 BTC. Marathon also maintained the largest installed hashrate, while Riot Platforms (RIOT) came in second.
*This is not investment advice.
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Investment Bank Jefferies Publishes Bitcoin Mining Report

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