Share this article
Bitcoin Mining Profitability Fell in April as Network Hashrate Rose: Jefferies
U.S.-listed miners also produced fewer bitcoin last month than in March.
May 21, 2025, 12:53 p.m.
What to know:
- Mining profitability dropped in April as the network hashrate rose, according to Jefferies.
- The report noted that U.S.-listed miners produced less bitcoin last month than in March.
- MARA Holdings mined the most bitcoin and had the highest installed hashrate of the group, the bank said.
Bitcoin mining profitability fell in April as the network hashrate rose, investment bank Jefferies said in a research report Tuesday.
"BTC mining profitability decreased by 6.6% in April, driven by a 6.7% increase in the network hashrate," analysts Jonathan Petersen and Jan Aygul wrote.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain, and is a proxy for competition in the industry and mining difficulty.
U.S. publicly listed mining companies produced 3,277 bitcoin in April, a drop from the 3,534 coins that were mined in March, the report noted, and these firms accounted for 24.1% of the total network last month, versus 24.8% in the month previous.
MARA Holdings (MARA) mined the most bitcoin, with 705 tokens, followed by CleanSpark (CLSK), which produced 633 BTC, Jefferies said.
MARA's installed hashrate remained the highest at 57.3 exahashes per second (EH/s), with CleanSpark second with 42.4 EH/s, the bank noted.
IREN (IREN) had the highest implied uptime at around 97%, followed by HIVE Digital Technologies (HIVE) at about 96%, the report added.
Read more: Bitcoin Network Hashrate Rose Slightly in First Two Weeks of May: JPMorgan
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
Top Stories
