Bitcoin mining profitability fell more than 7% in September as the price of the world’s largest cryptocurrency fell 2%, while the network’s hash rate jumped about 9%, according to investment bank Jefferies.
While the network’s hash rate has slowed somewhat this month, the sharp drop in the bitcoin price has intensified pressure on miners’ profitability heading into the fourth quarter of 2025, the bank said in the report on Sunday.
The hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain, and is a proxy for industry competition and mining difficulty.
Jefferies said publicly traded North American miners produced 3,401 BTC in September, down 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 bitcoin mined in September, up from 705 in August, while CleanSpark (CLSK) followed with 629 BTC, down from 657, the bank noted.
MARA’s high-energy hash rate remains the largest in the group at 60.4 exahashes per second (EH/s). CleanSpark held the second largest position at 50 EH/s, according to the report.
Revenue generation also weakened alongside the price. A theoretical fleet with 1 EH/s capacity would have earned about $52,000 a day in September, down from about $56,000 in August, the report said. That figure was close to $43,000 a year earlier.
Jefferies said the combination of lower bitcoin prices and increasing network problems continues to tighten margins across the mining sector.
The firm raised its Galaxy Digital ( GLXY ) price target to $45 from $37 and reiterated its buy rating on the stock. Shares were 3.5% higher in early trading, around $39.
The bank also raised its price target on hold-rated MARA Holdings ( MARA ) to $19 from $18, the stock rose 5% to $20.55.
Read more: Bitcoin Network Hashrate Takes Breath in First Two Weeks of October: JPMorgan
