August saw a significant downturn in Bitcoin mining profitability, with average daily revenue per exahash dropping by 11.8%, reflecting diminishing returns for miners.
Despite mining economics becoming challenging, operational efficiency is on the rise, with Marathon Digital achieving an impressive 88% uptime, compared to 75% last August.
As September approaches, analysts anticipate continued difficulties for miners with Bitcoin prices struggling below $60K and an upward trend in network hashrate.
The report indicates that U.S.-listed mining companies decreased their share of new Bitcoin mined in August, capturing only 19.9% of the total network.
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