The Bitcoin (BTC) profitability of mining fell 7.4% in March, Investment Bank Jefferies said in a research report on Friday.
The collapse was due to an 11.2% decline in the average bitcoin price and a 9.1% collapse in transaction fees, the report said.
Miners listed in the US were mined 3,534 Bitcoin in March compared to 3,002 in February, Jefferies said, and these companies cost 24.8% of the total network last month, compared to 23.6% last month.
Mara Holdings (Mara) made the most Bitcoin in March, with 829 tokens, the report said, followed by Cleanspark (CLSK) with 706 BTC.
Mara also has the largest installed hashrate, at 54.3 exahashes per second, with cleanspark the second largest at 42.4 eh/s, the report added.
Looking at April, Jefferies noted that Bitcoin was widely unchanged as the S&P 500 stock index dropped by 6%. Weakness of the US dollar It can be responsible for some of that outperformance, the bank says.
Read more: Miners listed in the US poured 25% of their market cap in March: JPMorgan
