November proved to be a strong month for Bitcoin miners, as the surge in bitcoin prices outpaced the increase in the network hashrate, according to a report by investment bank Jefferies.
The report indicates that the record highs reached by Bitcoin earlier this week are expected to help miners maintain profitability into December. In November, Bitcoin mining economics improved significantly, with the average price of Bitcoin rising by 31%, while the network hashrate saw a more modest increase of nearly 4%.
The hashrate, a measure of the total computing power dedicated to the Bitcoin network, serves as an indicator of competition and mining difficulty. According to Jefferies analysts Jonathan Petersen and Jan Aygul, “Average daily revenue per exahash was $55,649, reflecting a 20.7% month-on-month increase.”
While U.S.-listed miners mined less Bitcoin in November compared to the previous month, they still accounted for 24.7% of the total network mining activity. The report also highlighted improved uptime, which may be partly attributed to the colder temperatures as winter sets in.
Among the top miners, Marathon Digital Holdings (MARA) led the pack, mining 907 BTC in November, followed by CleanSpark (CLSK) with 622 BTC. In terms of hashrate, MARA held the largest installed capacity in the sector at 46.1 exahashes per second (EH/s), with CleanSpark coming in second at 33.7 EH/s.
