Bitcoin Mining Was Significantly Less Profitable in August, Jefferies Says [Yahoo! Finance]
MARA Holdings, Inc. (MARA)
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Source: Yahoo! Finance
Mining economics may be moving in the wrong direction but operational efficiency is improving, the bank said. Bitcoin {{BTC}} mining was much less profitable in August than July as the average bitcoin price fell over 4% and the average network hashrate rose about 2.7%, investment bank Jefferies said in a research report on Wednesday. Miner's average daily revenue per exahash fell by 11.8% from the month previous as a result, the report said. "September is shaping up to be another difficult month as BTC remains below $60K and the network hashrate continues to climb," analysts Jonathan Petersen and Joe Dickstein wrote. The Bitcoin hashrate is a proxy for competition in the industry and mining difficulty. Jefferies notes that there were less days of extreme heat this summer, which meant better uptime for the largest miners. The bitcoin mined by Marathon Digital (MARA) last month implies roughly 88% uptime, compared to 75% in August last year. For the ten largest bitcoin miners
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MARA
News
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- First Mover Americas: Bitcoin Drops Below $56.5K on Risk-Off Day [Yahoo! Finance]Yahoo! Finance
- Marathon Digital Holdings, Inc. (MARA): Hedge Funds Are Bullish On This Cryptocurrency Stock [Yahoo! Finance]Yahoo! Finance
- Why Bitcoin miners are getting overlooked this cycle [Yahoo! Finance]Yahoo! Finance
MARA
Earnings
- 8/1/24 - Miss
MARA
Sec Filings
- 9/16/24 - Form 4
- 9/16/24 - Form 144
- 9/16/24 - Form 144
- MARA's page on the SEC website