December projected to be profitable for Bitcoin miners
Bitcoin mining profits soar as prices surge, Jefferies report finds
Bitcoin’s recent surge to record highs has enabled miners to maintain profitability gains from November into December, according to a report by Jefferies Investment Bank released Wednesday.
Bitcoin Mining Metrics Show Growth
The report highlights that Bitcoin’s average price in November was 31% higher, driving significant improvements in mining economics. Despite a modest 4% rise in the network’s hashrate, average daily revenue per exahash jumped 20.7% month-on-month, reaching $55 649, analysts Jonathan Petersen and Jan Aygul noted.
The hashrate, a measure of the computing power on the Bitcoin network, serves as a proxy for competition among miners and the difficulty of mining Bitcoin. Higher hashrates generally indicate a more competitive environment, yet miners have successfully leveraged rising BTC prices to boost their revenue.
Top Miners Lead the Charge
Among U.S.-listed mining companies, MARA Holdings (MARA) led the sector in November, producing 907 BTC, followed by CleanSpark (CLSK) with 622 BTC mined. Notably, MARA maintained the largest installed hashrate in the industry at 46.1 EH/s, with CleanSpark following at 33.7 EH/s.
Jefferies’ report also noted that miners accounted for 24.7% of the total network mining activity on a “network basis,” signaling strong performance despite a slight dip in overall BTC output compared to October. Improvements in uptime, partly attributed to colder winter temperatures, have contributed to these operational gains.
Industry Outlook
Bitcoin’s robust price rally has provided a favorable backdrop for miners, enabling sustained profitability despite heightened competition. With BTC trading at record levels, mining companies appear well-positioned to extend these gains into December.
Looking ahead, the focus will remain on how miners manage rising energy costs, adapt to increasing network difficulty, and maintain operational efficiency to capitalize on BTC’s bullish trajectory.
Recently we wrote, that after Bitcoin's price entered a phase of active growth and surpassed the $100,000 mark, the demand for BTC mining equipment skyrocketed.
