Bitcoin Mining Profitability Declines by 7% in September

Coinlineup2025/10/21 01:39

By:Coinlineup

Bitget offers one-stop trading for cryptocurrencies, stocks, and gold. Trade now!

A welcome pack worth 6200 USDT for new users! Sign up now!

Key Points:

Jefferies reported a significant decline in mining profitability.
Network hashrate rose by 9%.
Marathon Digital leads in BTC production but sees reduced output.

Bitcoin mining profitability decreased by over 7% in September 2025, primarily due to a 9% increase in network hashrate and a 2% drop in Bitcoin’s price, according to Jefferies. Publicly listed North American miners, including Marathon Digital Holdings, saw reduced production.

Bitcoin mining profitability fell by over 7% in September 2025, investment bank Jefferies reports, citing increased network hashrate and a slight dip in BTC prices as primary factors.

Bitcoin mining profitability’s decline highlights the challenges miners face due to rising hashrate and price fluctuations. Immediate concerns focus on lower earnings, impacting major firms like Marathon and CleanSpark.

Bitcoin mining earnings saw notable reductions in terms of profitability, according to Jefferies. Analysts attributed the more than 7% decline in September chiefly to an increased network hashrate and decreased BTC prices. Key industry players were affected; Marathon Digital Holdings led mining production, though their output still fell compared to August. CleanSpark also encountered similar circumstances as the network hashrate climbed 9%. The increased hashrate put pressure on earnings as the mining industry experienced a shake-up. Lower revenue was felt among companies, such as Marathon and other North American miners, who faced increased costs without parallel gains. Financial markets had mixed reactions, with Jefferies adjusting price targets for entities like Galaxy Digital and Marathon. Analysts maintained a cautious outlook on sector stability, given the current revenue squeeze from rising network challenges.

“A hypothetical one EH/s fleet of BTC miners would have generated ~$55k/day in revenue during August, vs ~$58k/day in July and ~$44k a year ago.” — Jonathan Petersen, Senior Analyst, Jefferies

Future financial outcomes remain uncertain as miners continue grappling with technological demands and cost fluctuations. Historical data suggests profits can waver significantly with hashrate changes and price volatility, posing potential operational hurdles.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

Understand the market, then trade.

Bitget offers one-stop trading for cryptocurrencies, stocks, and gold.

Trade now！

1. Crypto outperformed traditional equity indexes following the rate hike, but elevated interest rates remain a key constraint on cross-asset allocation. From September 12 to 18, BTC, ETH, and SOL gained 4.83%, 3.84%, and 9.96%, respectively, while the S&P 500 edged down 0.08%. The U.S. Dollar Index rose 1.11%, and the 10-year U.S. Treasury yield closed at approximately 4.998%. Improving risk appetite is therefore coexisting with elevated discount rates, raising the bar for RWA allocation: investors need to compare not only returns on the underlying assets, but also on-chain liquidity and collateral efficiency. 2. Growth in tokenized equities is occurring even as the overall RWA market remains under pressure. As of September 18, Distributed Asset Value across RWAs stood at $38.503 billion, down 1.13% week over week, while tokenized equities reached $3.056 billion, up 6.03%. This week's data are better explained by capital reallocating across different RWA segments than by a broad-based expansion of the entire RWA market. 3. For exchanges, the opportunity lies in connecting spot holdings, collateral, and derivatives. Reality's distributed asset value stands at approximately $155 million, while eligible rTokens can already be used within Bitget's UTA margin framework. Across CoinGlass's verifiable sample of 177 TradFi instruments, open interest reached approximately $11.498 billion, up 2.06% week over week, even as weekly trading volume declined 7.60%. The medium-term opportunity remains intact, but deeper utilization will depend on liquidity, collateral use, and sustained trading activity. 4.Assets to watch: BTC, ETH, SOL, NEAR, ZEC, gold, tokenized U.S. equities, COST. 5.Key metrics to watch: rToken collateral utilization, the durability of TradFi open interest and trading volume, and next week's employment and consumer data.

Bitget•2026/09/21 06:38