bitcoin Mining profitability fell more than 7% in September as the price of the world’s largest cryptocurrency fell 2% while the network’s hashrate rose around 9%, according to investment bank Jefferies.
While the network’s hashrate has declined somewhat this month, the sharp drop in the price of bitcoin has intensified pressure on miners’ profitability heading into the fourth quarter of 2025, the bank said in Sunday’s report.
Hashrate refers to the total combined computing power used to mine and process transactions on a proof-of-work blockchain, and is an indicator of industry competition and mining difficulty.
Jefferies said publicly traded North American miners produced 3,401 BTC in September, up from 3,576 BTC in August. Its share of the global network fell to 25% from 26% the previous month.
MARA Holdings (MARA) led production with 736 bitcoins mined in September, up from 705 in August, while CleanSpark (CLSK) followed with 629 BTC, up from 657, the bank said.
MARA’s energized hashrate remains the largest of the group at 60.4 exahashes per second (EH/s). CleanSpark took the second largest position with 50 EH/s, according to the report.
Revenue generation also weakened along with the price. A theoretical fleet with a capacity of 1 EH/s would have earned approximately $52,000 per day in September, up from about $56,000 in August, according to the report. That figure was close to $43,000 a year earlier.
Jefferies said the combination of lower bitcoin prices and increasing network difficulty continues to tighten margins across the mining sector.
The company raised its price target on Galaxy Digital (GLXY) to $45 from $37 and reiterated its Buy rating on the stock. Shares rose 3.5% in early trading, around $39.
The bank also raised its price target for hold-rated MARA Holdings (MARA) to $19 from $18, the stock rose 5% to $20.55.
Read more: Bitcoin network hashrate took a breather in the first two weeks of October: JPMorgan
