Bitcoin Mining profitability fell more than 7% in September, with the price of the world’s largest cryptocurrency falling 2% while the network’s hashrate jumped around 9%, according to investment bank Jefferies.
Although the network’s hashrate has eased somewhat this month, the sharp decline in bitcoin’s price has intensified pressure on miners’ profitability heading into the fourth quarter of 2025, the bank said in its report on Sunday.
Hashrate refers to the total combined computing power used to mine and process transactions on a proof-of-work blockchain, and is an indicator of industry competition and mining difficulty.
Jefferies said publicly traded North American miners produced 3,401 BTC in September, up from 3,576 BTC in August. Their share of the global network fell to 25%, from 26% the previous month.
MARA Holdings (MARA) led production with 736 bitcoins mined in September, up from 705 in August, while CleanSpark (CLSK) followed with 629 BTC, up from 657, the bank noted.
MARA’s energetic hashrate remains the largest of the group at 60.4 exahashes per second (EH/s). CleanSpark was in second place with 50 EH/s, according to the report.
Revenue generation has also declined along with prices. A theoretical fleet with a capacity of 1 EH/s would have earned about $52,000 per day in September, compared to about $56,000 in August, the report said. This figure approached $43,000 a year earlier.
Jefferies said the combination of falling Bitcoin prices and increasing network difficulty continues to tighten margins in the mining sector.
The company raised its Galaxy Digital (GLXY) price target from $37 to $45 and reiterated its Buy rating on the stock. Shares were up 3.5% in early trading, around $39.
The bank also raised its price target for MARA Holdings (MARA) stock from $18 to $19, with the stock up 5% to $20.55.
Learn more: Bitcoin network hashrate took its breath in the first two weeks of October: JPMorgan
