Bitcoin miners are likely to remain highly profitable through December, according to a report from American investment bank Jeffries. The report cites a 31% increase in the average price of bitcoin in November and a 4% increase in the average network hashrate. Marathon Holdings led in production, mining 907 bitcoin, followed by CleanSpark (622). This continued profitability is attributed to several factors, including the recent rally in bitcoin prices and the upcoming halving event in May 2024, which is expected to further reduce the supply of new bitcoins. As a result, Jeffries expects that miners will continue to invest in their operations, leading to a further increase in the network hashrate and making it more difficult for new miners to enter the market.

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