TechFlow news, according to a recent research report from investment bank Jefferies, Bitcoin (BTC) mining revenue in August declined significantly compared to July, as the average Bitcoin price dropped over 4% month-on-month while network hashrate rose approximately 2.7%.
Analysts Jonathan Petersen and Joe Dickstein noted that with BTC prices persistently below $60,000 and network hashrate continuing to climb, conditions in September remain challenging.
The report also mentioned that extreme summer heatwaves were less severe this year, leading to improved uptime for large-scale miners. Marathon Digital's Bitcoin output last month indicated an uptime of about 88%, up from 75% in the same period last year.
The top ten Bitcoin miners tracked by Jefferies achieved an average uptime of approximately 83% last month, higher than 76% in the same period last year and 79% in August 2022. Despite declining mining economics, operational efficiency is improving. The report further stated that U.S.-listed mining companies accounted for a smaller share of newly mined Bitcoin in August, representing 19.9% of the network's total output.
