Bitcoin
The mining profitability fell in April when the hashrate network increased, said the investment bank Jefferies in a research report on Tuesday.
“BTC’s mining profitability decreased by 6.6% in April, driven by an increase of 6.7% in the hashrate of the network,” analysts wrote Jonathan Petersen and Jan Aygul.
The hashrate refers to the total combined computational power used to extract and process transactions in a chain of work test blocks, and is a proxy of competition in industry and mining difficulty.
The mining companies that are quoted in the stock market produced 3,277 bitcoin in April, a fall of the 3,534 currencies that were extracted in March, the report said, and these companies represented 24.1% of the total network last month, versus 24.8% in the previous month.
Mara Holdings (Mara) extracted the greatest amount of Bitcoin, with 705 sheets, followed by Cleanspark (CLSK), which produced 633 BTC, Jefferies said.
The hashrate installed from Mara remained the highest with 57.3 exahashes per second (EH/s), with second Cleanspark with 42.4 eh/s, the bank said.
Iren (Iren) had the highest implicit activity time in around 97%, followed by HIVE Digital Technologies (HIVE) with approximately 96%, the report added.
Read more: Bitcoin Network hashrate increased slightly in the first two weeks of May: JPMorgan
