Bitcoin (BTC) miners are expected to make profits in December, Jefferies says

BTC’s rise to Record levels It is expected earlier this week that it will allow miners to extend their profitability from November to December, according to a report issued by investment bank Jefferies on Wednesday.

The economics of Bitcoin mining improved in November as the average price of Bitcoin rose 31% while the average network hash rate rose nearly 4%, the report said.

the Hash ratewhich represents the total computing power allocated to the network, is a proxy for industry competition and mining difficulty.

“Average daily revenue per exahash was $55,649, representing a 20.7% increase month over month,” analysts Jonathan Petersen and Jan Aigul wrote.

The bank said US-listed miners mined smaller amounts of bitcoin in November than the previous month. However, they mined more on a “network basis,” accounting for 24.7% of the total network.

The bank noted improved uptime, which may be due in part to colder temperatures heading into winter.

The report indicated that MARA Holdings (MARA) mined the most bitcoins, with 907 bitcoins in November, and CleanSpark (CLSK) came in second, with 622 bitcoins.

The report added that MARA’s proven hash rate remained the largest in the industry at 46.1 exahashes per second (EH/s), followed by CleanSpark at 33.7 EH/s.

Read more: JP Morgan says the economics of Bitcoin mining continued to improve in December