Bitcoin
BTC$106,546.31
Investment Bank Jeffries said in a survey report Tuesday that mining profitability was reduced in April as network hashrates rose.
“BTC mining profitability was driven by a 6.6% decline in April and a 6.7% increase in network hashrates,” writes analysts Jonathan Petersen and Jan Aygul.
Hashrate refers to the total computing power used to mine and process transactions on the Proof of Work Blockchain, a proxy for competition and mining difficulties in the industry.
The US public mining company produced 3,277 bitcoins in April. This is down from 3,534 coins mined in March, the report said, and these companies accounted for 24.1% of the total network last month.
According to Jefferies, Mara Holdings (Mara) mined 705 tokens, followed by CleanSpark (CLSK), followed by CleanSpark (CLSK).
Mara’s installed hashrate remains the best at 57.3 exahashes per 57.3 seconds (Eh/s), with Cleanspark being second and second at 42.4 Eh/s.
Iren (Iren) had the highest unspoken uptime at around 97%, followed by Hive Digital Technologies (Hive) at around 96%.
read more: Bitcoin Network Hash Rate rose slightly in the first two weeks of May: jpmorgan