Bitcoin Mining Profitability Falls 7.4% in March on Lower Prices, Transaction Fees: Jefferies

Investment bank Jefferies said in a research report on Friday that Bitcoin (BTC) mining profitability fell 7.4% in March.

The document states that the decline was due to a 11.2% decrease in the average price of Bitcoin and a 9.1% drop in transaction fees.

Miners listed on the U.S. exchange mined 3,534 bitcoins in March, up from 3,002 in February, according to Jefferies data. These companies accounted for 24.8% of the total network last month, up from 23.6% the previous month.

The report said that MARA Holdings (MARA) mined the most bitcoins in March with 829 tokens, followed by CleanSpark (CLSK) with 706 BTC.

It is also mentioned that MARA has the highest installed hashrate at 54.3 EH/s, while CleanSpark comes in second with 42.4 EH/s.

Looking at April, Jefferies noted that Bitcoin was broadly flat, while the S&P 500 stock index fell 6%. The weakening US dollar could be one reason for this outperformance, the bank said.

Read more: US-listed Bitcoin miners lost 25% of their market cap in March: JPMorgan

Source: cryptonews.net