Bitcoin Mining Profitability Declines 7.4% in March, Reports Jefferies

Bitcoin mining profitability decreased by 7.4% in March, according to Jefferies. Key contributors to the decline include:

11.2% drop in average bitcoin price
9.1% reduction in transaction fees

U.S.-listed miners extracted 3,534 BTC in March, an increase from 3,002 in February. These miners represented 24.8% of the total network, up from 23.6% the previous month.

The leading producers were:

MARA Holdings (produced 829 BTC)
CleanSpark (produced 706 BTC)

MARA also led in hashrate with 54.3 EH/s, followed by CleanSpark at 42.4 EH/s.

In April, Bitcoin's value remained stable while the S&P 500 dropped by 6%. Jefferies suggested that U.S. dollar weakness could be a factor in Bitcoin's relative performance.