Bitcoin (BTC) mining profitability fell 7.4% in March, funding financial institution Jefferies mentioned in a analysis report Friday.
The drop was because of a 11.2% decline within the common bitcoin worth and a 9.1% drop in transaction charges, the report mentioned.
U.S.-listed miners mined 3,534 bitcoin in March versus 3,002 in February, Jefferies mentioned, and these firms accounted for twenty-four.8% of the entire community final month, in comparison with 23.6% the month earlier.
MARA Holdings (MARA) produced essentially the most bitcoin in March, with 829 tokens, the report mentioned, adopted by CleanSpark (CLSK) with 706 BTC.
MARA additionally had the biggest put in hashrate, at 54.3 exahashes per second, with CleanSpark the second-largest at 42.4 EH/s, the report added.
April, Jefferies famous bitcoin is broadly unchanged whereas the S&P 500 inventory index is down 6%. U.S. greenback weak spot could also be chargeable for a few of that outperformance, mentioned the financial institution.
Learn extra: U.S.-Listed Bitcoin Miners Shed 25% of Their Market Cap in March: JPMorgan
