The mining profitability of Bitcoin (BTC) fell 7.4% in March, said the investment bank Jefferies in a research report on Friday.
The fall was due to a 11.2% decrease in Bitcoin’s average price and a 9.1% drop in transaction rates, according to the report.
The miners who quote in the United States extracted 3,534 bitcoin in March versus 3.002 in February, said Jefferies, and these companies represented 24.8% of the total network last month, compared to 23.6% of the previous month.
Mara Holdings (Mara) produced the largest amount of Bitcoin in March, with 829 tokens, according to the report, followed by Cleanspark (CLSK) with 706 BTC.
Mara also had the hashrate installed larger, with 54.3 exahashes per second, with CleanSTark the second largest to 42.4 eh/s, the report added.
Looking at April, Jefferies said Bitcoin does not change widely, while the S&P 500 shares index has dropped 6%. The weakness of the US dollar can be responsible for some of that higher yield, the bank said.
Read more: Bitcoin miners trading in the United States yield 25% of their market capitalization in March: JPMorgan
