Bitcoin Mining Profitability Down 7.4% in March as Prices, Transaction Fees Fell: Jefferies

Bitcoin (BTC) mining profitability fell 7.4% successful March, concern slope Jefferies said successful a probe study Friday.

The driblet was owed to a 11.2% diminution successful the mean bitcoin terms and a 9.1% driblet successful transaction fees, the study said.

U.S.-listed miners mined 3,534 bitcoin successful March versus 3,002 successful February, Jefferies said, and these companies accounted for 24.8% of the full web past month, compared to 23.6% the period previous.

MARA Holdings (MARA) produced the astir bitcoin successful March, with 829 tokens, the study said, followed by CleanSpark (CLSK) with 706 BTC.

MARA besides had the largest installed hashrate, astatine 54.3 exahashes per second, with CleanSpark the second-largest astatine 42.4 EH/s, the study added.

Looking astatine April, Jefferies noted bitcoin is broadly unchanged portion the S&P 500 banal scale is down 6%. U.S. dollar weakness whitethorn beryllium liable for immoderate of that outperformance, said the bank.

Read more: U.S.-Listed Bitcoin Miners Shed 25% of Their Market Cap successful March: JPMorgan