In April, Bitcoin mining profitability experienced a 6.6% decrease, primarily due to a 6.7% surge in the network hashrate, according to analysts Jonathan Petersen and Jan Aygul. This increase in hashrate, which reflects the computational power used for mining, indicates heightened competition and mining difficulty.
U.S. publicly listed mining companies collectively produced 3,277 Bitcoin in April, a decrease from the 3,534 coins mined in March. These firms accounted for 24.1% of the total network output last month, a slight decrease from 24.8% in the previous month.
MARA Holdings (MARA) led in Bitcoin production with 705 tokens, followed by CleanSpark (CLSK) with 633 BTC. MARA's installed hashrate remained the highest at 57.3 exahashes per second (EH/s), with CleanSpark holding the second position at 42.4 EH/s. IREN (IREN) demonstrated the highest implied uptime at approximately 97%, closely followed by HIVE Digital Technologies (HIVE) at around 96%.
This article is based on our author's analysis of materials taken from the Jefferies report released in May 2024.