Bitcoin mining margins tightened in September as a rising network hashrate and a slide in BTC prices dragged profitability lower
By Will Canny|Edited by Jamie Crawley
Updated Oct 20, 2025, 1:39 p.m. Published Oct 20, 2025, 1:12 p.m.
- Bitcoin mining profitability fell more than 7% in September as prices slipped and the hashrate climbed, Jefferies said.
- Public North American miners produced 3,401 bitcoin in September, down from 3,576 BTC in August, with MARA and CleanSpark leading output.
- Revenue per EH/s dropped to $52,000 per day, down from $56,000 in August, as lower bitcoin prices and higher network difficulty squeezed margins, the report said.
Bitcoin BTC$111,032.77 mining profitability slid more than 7% in Sept. as the price of the world’s largest cryptocurrency fell 2% while the network’s hashrate jumped about 9%, according to investment bank Jefferies.
While the network’s hashrate has eased somewhat this month, the sharp decline in the bitcoin price has intensified pressure on miner profitability heading into the fourth quarter of 2025, the bank said in the report on Sunday.
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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 competition in the industry and mining difficulty.
Jefferies said that publicly listed North American miners produced 3,401 BTC in September, down from 3,576 BTC in August. Their share of the global network slipped to 25% from 26% the prior 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 energized hashrate remain’s the largest of 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 price. A theoretical fleet with 1 EH/s capacity would have earned roughly $52,000 per day in September, down from about $56,000 in August, the report said. That figure stood near $43,000 a year earlier.
Jefferies said the combination of lower bitcoin prices and rising network difficulty 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. The shares were 3.5% higher in early trading, around $39.
The bank also raised its price objective for hold-rated MARA Holdings (MARA) to $19 from $18, the stock rose 5% to $20.55.
Read more: Bitcoin Network Hashrate Took Breather in First Two Weeks of October: JPMorgan
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