Bitcoin mining profits decline in September amid rising hashrate

Bitcoin (CRYPTO:BTC) mining profitability fell in September, according to a report from Jefferies. 

The bank highlighted that the average price of Bitcoin remained stable, while the network's hashrate increased by 1.7%, reducing miners' daily revenue. 

The report also noted that October may pose further challenges, with the hashrate up 11%, surpassing the 5% rise in Bitcoin’s price, potentially squeezing profits further. 

Jefferies analysts Jonathan Petersen and Joe Dickstein reported that the average daily revenue per exahash fell by 2.6% compared to the previous month. 

They added, "October is poised to be a tougher month, as the hashrate rise offsets the modest price growth in Bitcoin." 

North American-listed mining companies gained a larger share of the network in September, accounting for 22.2% of total Bitcoin mined, up from 19.9% in August. 

This increase was partly attributed to cooler temperatures, improving mining firms’ performance. 

Marathon Digital emerged as the top Bitcoin miner for September, producing 705 BTC, while CleanSpark mined 493 BTC. 

Marathon also maintained the largest installed hashrate in the sector, with 36.9 exahashes per second, followed by Riot Platforms at 28.2 EH/s. 

Jefferies also touched on the upcoming U.S. elections, stating that, regardless of the outcome, more favorable policies for the Bitcoin mining industry could emerge. 

At the time of writing, the Bitcoin price was $65,870.98.