Major Bitcoin Miners Report Decreased November Production Despite Price Surge

Despite Bitcoin’s price reaching $100,000 in November, several major mining companies reported a decline in production. The primary reasons were the 7% increase in network difficulty and intensified competition among miners.

Marathon Digital Holdings reported mining 1,056 BTC in November, a 5% decrease compared to October. Similarly, Riot Blockchain reduced production by 8%, mining 1,024 BTC. Company representatives noted that the increase in network difficulty and higher electricity costs negatively impacted efficiency.

Experts point out that despite the Bitcoin price surge, miners face shrinking profit margins due to rising operational expenses. The trend is expected to continue if network difficulty keeps increasing.