December 23, 2024
11 11 11 AM
Latest Post
More Pain Likely, Market Expert Says After Bitcoin’s Biggest Loss Since August Trump Names Crypto-Friendly Stephen Miran as Chair of Council of Economic Advisers Bonk Rockets 30% to Lead Dog Meme Rebound; Floki Termed ‘Utility Token’ by CFTC Tether Takes $775M Stake in Video-Sharing Platform Rumble; RUM Shares Soar 41% DeFi Protocol Usual’s Surge Catapults Hashnote’s Tokenized Treasury Over BlackRock’s BUIDL Tether CEO Paolo Ardoino Teases AI Platform Targeting Early 2025 Debut The Future Is AI-Centric, and Blockchains Need to Be as Well Agents of Evolution: Crypto’s Next Act Hailey Welch ‘Fully Cooperating’ With Lawyers Suing Over Failed HAWK Crypto How Aggregation and Decentralized AI Will Completely Reshape Blockchains in 2025

Bitcoin Miners Are Expected to be Profitable in December, Jefferies Says

BTC’s rise to record highs earlier this week is expected to allow miners to extend their November profitability into December, according to a report by investment bank Jefferies on Wednesday.

Bitcoin mining economics improved in November as the average price of bitcoin was 31% higher while the average network hashrate rose by almost 4%, the report said.

The hashrate, representing the total computing power dedicated to a network, is a proxy for competition in the industry and mining difficulty.

“Average daily revenue per exahash was $55,649, which represented a 20.7% month-on-month increase,” analysts Jonathan Petersen and Jan Aygul wrote.

U.S.-listed miners mined less bitcoin in November than the previous month, the bank said. Still, they mined more on a “network basis,” accounting for 24.7% of the total network.

The bank noted that uptime improved, which could be partly due to colder temperatures as winter approaches.

MARA Holdings (MARA) mined the most bitcoin, with 907 in November, and CleanSpark (CLSK) was second, with 622, the report noted.

MARA’s installed hashrate remained the largest in the sector at 46.1 exahashes per second (EH/s), followed by CleanSpark at 33.7 EH/s, the report added.

Read more: Bitcoin Mining Economics Continued to Improve in December, JPMorgan Says

This post was originally published on this site