In September, Bitcoin miners' revenues continued to decline despite rising network difficulty and increased market valuations.
Increasing Network Difficulty
According to a report by JPMorgan, the Bitcoin network's hash rate increased to 643 EH/s in September, a 2% rise from August. Despite this increase, miners' earnings per EH/s fell by 6%, averaging $42,100 per month.
Top Companies' Results
Top-performing US-listed Bitcoin miners included Marathon Digital Holdings, which mined 705 BTC, up 6% from August, maintaining a holding of 26,842 BTC. Riot Platforms increased production by 28% to 412 BTC, and CleanSpark mined 493 BTC, bringing its total assets to 8,049 BTC.
Market Valuation
Despite declining revenues, the combined market value of 14 US-listed Bitcoin miners rose by 4% in September, reaching $21 billion. This reflects continued investor interest in the sector.
Public Bitcoin miners are facing declining revenues amidst rising network difficulty, yet many companies continue to show growth and stability in the market.