Bitcoin mining profitability dropped in August

Jefferies reported a 5% drop in bitcoin mining profitability in August due to higher hashrate. U.S.-listed miners maintained a 26% share of the network.

Jefferies highlights weaker returns

Analysts from investment bank Jefferies noted that bitcoin mining profitability declined by 5% in August. The main driver was a rising network hashrate, which increased mining difficulty.

The report estimated that a hypothetical one EH/s fleet of BTC miners would generate $55,000 per day in August. This compares to $58,000 in July and $44,000 a year earlier, signaling tougher competition and thinner margins.

U.S. miners hold 26% of the network

According to Jefferies, U.S.-listed mining companies produced 3,573 BTC in August, nearly unchanged from July’s 3,598 BTC. Their share of the global bitcoin network remained steady at 26%.

MARA Holdings was the top performer with 705 BTC mined, followed by IREN.

Leaders by hashrate

MARA still operates the largest energized hashrate among public miners at 59.4 EH/s. CleanSpark ranked second with 50 EH/s, underscoring the role of American firms as key players in global bitcoin mining.