Jefferies projects that Bitcoin miners will continue to be profitable in December due to rising Bitcoin prices, with the average price up by 31% in November. The hash rate increased only 4%, raising daily revenue to $55,649 per EH/s. Leading companies, MARA Holdings and CleanSpark, have shown significant production, with U.S. firms generating 24.7% of the network output.

According to the latest report from investment bank Jefferies, Bitcoin miners are projected to sustain their profitability through December, primarily fueled by Bitcoin’s price surging to an all-time high. The data reveals a significant 31% increase in the average Bitcoin price during November, while the network’s hash rate rose by merely 4%. Notably, the daily revenue for miners per EH/s increased by 20.7%, amounting to $55,649. Leading the industry, MARA Holdings has deployed a hash rate of 46.1 EH/s, resulting in the mining of 907 Bitcoins in November, while CleanSpark follows in second place with a hash rate of 33.7 EH/s, producing 622 Bitcoins. It is also noteworthy that U.S.-listed mining firms represent 24.7% of the entire network output, and the colder winter temperatures are enhancing operational efficiencies of mining equipment.

The profitability of Bitcoin mining is significantly influenced by fluctuations in Bitcoin’s market price and the efficiency of mining operations. During November 2023, the substantial rise in Bitcoin’s price has contributed to increased daily revenue for miners. Additionally, improvements in the hash rate play an essential role in determining the overall output of mined Bitcoins. This backdrop sets the stage for an analysis of the leading companies involved in Bitcoin mining and their respective performances in a rapidly changing market.

In conclusion, the December outlook for Bitcoin miners appears optimistic, bolstered by rising Bitcoin prices and improvements in mining efficiencies. As indicated by Jefferies’ analysis, the profitability trends are anticipated to persist, with major companies like MARA Holdings and CleanSpark demonstrating strong production capacity. This favorable environment for miners is further complemented by favorable weather conditions, likely leading to enhanced operational performance during the winter season.

Original Source: www.chaincatcher.com

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