According to TechFlow, the latest research report from investment bank Jefferies shows that the revenue from Bitcoin (BTC) mining in August fell significantly compared to July, as the average price of Bitcoin fell by more than 4% month-on-month, while the average network computing power increased by about 2.7%.
Analysts Jonathan Petersen and Joe Dickstein pointed out that the situation in September remains grim as the BTC price continues to remain below $60,000 and the network computing power continues to rise.
The report also mentioned that the reduction in extreme heat this summer has improved the operating time of large miners. Marathon Digital's bitcoin production last month showed that its operating time was about 88%, higher than 75% in the same period last year.
The top ten bitcoin miners tracked by Jefferies ran at an average of about 83% of their time last month, up from 76% in the same period last year and 79% in August 2022. Despite the decline in mining economics, operational efficiency is improving. The report also pointed out that the share of new bitcoins mined by listed U.S. mining companies in August fell to 19.9% of the total network.
