BTC’s surge to record levels earlier this week is expected to allow miners to extend their profitability from November into December, according to a report from investment bank Jefferies on Wednesday.
Bitcoin mining economics improved in November, as the average Bitcoin price was 31% higher, while the network’s average hashrate increased nearly 4%, according to the report.
Hashrate, which represents the total computing power dedicated to a network, is an indicator of competition in the industry and the difficulty of mining.
“The average daily revenue per exahash was $55,649, which represented a month-on-month increase of 20.7%,” wrote analysts Jonathan Petersen and Jan Aygul.
U.S.-listed miners mined fewer bitcoins in November than the previous month, the bank said. Still, they mined more “networked”, representing 24.7% of the total network.
The bank noted that uptime improved, which could be due in part to colder temperatures as winter approaches.
MARA Holdings (MARA) mined the most bitcoins, with 907 in November, and CleanSpark (CLSK) came in second, with 622, according to the report.
MARA’s installed hashrate remained the highest in the industry at 46.1 exahashes per second (EH/s), followed by CleanSpark at 33.7 EH/s, the report added.
Read more: Bitcoin mining economics continued to improve in December, says JPMorgan
