Bitcoin miners are poised for a profitable Q4, thanks to the recent surge in Bitcoin’s price and improvements in mining economics.
Bitcoin Miners Expected to Remain Profitable in December
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The recent surge in Bitcoin’s price is expected to extend the profitability of miners into December, according to a report by investment bank Jefferies. This comes as no surprise given the significant improvements in mining economics observed in November.
Mining Economics Improve in November
In November, the average price of Bitcoin rose by 31% compared to the previous month, while the network hashrate increased by almost 4%. These factors combined to boost the average daily revenue per exahash to $55,649, representing a 20.7% month-on-month increase.
U.S.-Listed Miners Maintain Market Share
Despite mining fewer Bitcoin in November compared to the previous month, U.S.-listed miners still managed to maintain their market share, accounting for 24.7% of the total network hashrate. This is a testament to their ability to adapt and remain competitive in an increasingly crowded industry.
Notable Miners Perform Well
MARA Holdings (MARA) stood out as the top performer, mining 907 Bitcoin in November, followed closely by CleanSpark (CLSK) with 622. These two companies also boast the largest installed hashrate in the sector, with MARA leading at 46.1 exahashes per second (EH/s) and CleanSpark at 33.7 EH/s.
The improved uptime observed in November is likely due to a combination of factors, including colder temperatures as winter approaches. As the industry continues to evolve, it will be interesting to see how these trends shape the future of Bitcoin mining.
