🌋 Jefferies: Mining Profitability Drops
posted 11 Sept 2024
American investment bank Jefferies reports a downturn in mining profitability as BTC continues to trade below $60,000, while the hash rate keeps rising. Analysts indicate that in August 2024, daily mining revenues decreased by 11.8% compared to the previous month.
Despite the downturn, most of the local companies analyzed are showing high operational efficiency. The average uptime increased by 7% to 83% compared to last August, with Marathon Digital achieving a leading 88%.
While mining economics may be moving in the wrong direction, operational efficiency is improving,the analysts noted.
However, the share of BTC mined by these companies in a month has dropped to 19.9% of all new coins, with Marathon Digital mining the most (673 BTC). The bank warns that if the current trends continue, September could show even weaker results in terms of both profitability and mining outputs.
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