Bitcoin Mining Profitability Declined More Than 7% in September: Jefferies

Why It Matters

The squeeze from higher difficulty and weaker prices tightens sector margins, prompting selective analyst upgrades and modest stock gains while increasing pressure on smaller or higher‑cost miners heading into Q4 2025.

Summary

Jefferies said bitcoin mining profitability fell more than 7% in September as a roughly 2% drop in BTC price and a ~9% rise in network hashrate pushed margins lower. Public North American miners produced 3,401 BTC in September (down from 3,576 in August) with revenue per 1 EH/s falling to about $52,000/day from $56,000 in August; MARA and CleanSpark led output. The squeeze from higher difficulty and weaker prices tightens sector margins, prompting selective analyst upgrades and modest stock gains while increasing pressure on smaller or higher‑cost miners heading into Q4 2025.