Jefferies: Bitcoin Mining Profitability Declined in September, October Expected to Remain Challenging

In a research report published on Sunday, Jefferies noted that Bitcoin mining profitability decreased in September compared to the previous month. The decline was attributed to the relatively stable average Bitcoin price and a 1.7% increase in the network hash rate. The investment bank highlighted that the average daily revenue per exahash dropped by 2.6% month-over-month.

Analysts Jonathan Petersen and Joe Dickstein wrote, “October appears to be an even more challenging month as Bitcoin prices have only risen by about 5%, while the network hash rate has surged by 11%, more than offsetting that price gain.”