Bitcoin Mining Profits Decline 5% in August Amid Rising Hash Rate
Bitcoin mining profits decreased by 5% in August, according to a report by Jefferies. The decline is attributed to an increase in the network's hash rate. Miners with a hash rate of 1 exahash per second (EH/s) earned approximately $55,000 per day in August, down from $58,000 in July. US-listed mining companies produced a total of 3,573 bitcoins in August, slightly less than the 3,598 mined in July, maintaining a 26% share of the network's hash rate.
MARA Holdings led the mining results, producing 705,703 bitcoins, and had the highest available hash rate at 59.4 EH/s. CleanSpark followed with a hash rate of 50 EH/s. The report highlights the competitive nature of the mining industry as companies strive to maintain profitability amid fluctuating market conditions.
