Share this article
Bitcoin Mining Profitability Fell in August, Jefferies Says
U.S.-listed mining companies accounted for 26% of the Bitcoin network last month, unchanged from July, the report said.
Sep 15, 2025, 3:32 p.m.
Make us preferred on Google
What to know:
- Bitcoin mining profitability declined in August as the network hashrate rose.
- U.S.-listed mining companies mined 3,573 bitcoin in August versus 3,598 the month before, according to Jefferies.
- The bank noted that MARA mined the most bitcoin of the group, and maintained the highest energized hashrate.
Bitcoin mining profitability declined 5% last month primarily becuase of an increase in the network hashrate, investment bank Jefferies said in a research report Sunday.
"A hypothetical one EH/s fleet of BTC miners would have generated ~$55k/day in revenue during August, vs ~$58k/day in July and ~$44k a year ago," wrote analysts led by Jonathan Petersen.
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. It is measured in exahashes per second (EH/s).
U.S.-listed mining companies mined 3,573 bitcoin in August versus 3,598 in July, the report noted, and these miners accounted for 26% of the Bitcoin network last month, unchanged from July.
MARA Holdings (MARA) mined the most bitcoin of the group, with 705,703 tokens, followed by IREN (IREN), Jefferies said.
MARA's energized hashrate is still the largest of the group, at 59.4 EH/s, with CleanSpark (CLSK) second with 50 EH/s, the report added.
Read more: Bitcoin Network Hashrate Returned to All-Time Highs in August: JPMorgan
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Bitcoin stuck near $88,000 as gold's and silver's record-breaking rallies show exhaustion signs
"Gold and silver casually adding an entire bitcoin market cap in a single day," wrote one crypto analyst.
What to know:
- Bitcoin is off its worst levels of the weekend, but still near the year's low at $87,700.
- Facing the same news cycle as crypto, precious metals continued to surge higher, but a quick retreat from their highs on Monday suggested a bit of exhaustion was setting in.
- Analysts remain dour on the outlook for crypto prices given the looming government shutdown as well as delays in passage of the Clarity Act.
Top Stories
