Bitcoin (BTC) mining mining fell 7.4% in March, investment bank Jefferies said in a research report Friday.
The drip was due to a decrease of 11.2% in the average Bitcoin price and a decrease of 9.1% in transaction fees, the report said.
US-listed miners extracted 3,534 Bitcoin in March against 3,002 in February, Jefferies said, and these companies accounted for 24.8% of the total network last month compared to 23.6% the previous month.
Mara Holdings (Mara) produced the most Bitcoin in March with 829 tokens, says the report, followed by Cleanspark (CLSK) with 706 BTC.
Mara also had the largest installed hash rate, 54.3 Exahashes per day. Second, with cleanspark the second largest at 42.4 EH/S, the report added.
Looking at April, Jefferies noticed that Bitcoin is widely unchanged, while the S&P 500 stock index has fallen 6%. The US dollar weakness can be responsible for some of that violation, the bank said.
Read more: US-Listed Bitcoin Mine Workers throw 25% of their market capital in March: JPMorgan
