Bitcoin (BTC) miners are expected to be profitable in December, says Jefferies

BTC increase record figures is expected to allow miners to extend November’s profitability into December, according to a report by investment bank Jefferies on Wednesday.

The economics of Bitcoin mining improved in November, as the average price of Bitcoin increased by 31%, and the average network hashrate increased by almost 4%, according to the report.

The hashraterefers to the total computing power dedicated to the network, and is a proxy for competition in the industry and mining difficulty.

“ExaHash’s average daily revenue was $55,649, up 20.7% month over month,” wrote analysts Jonathan Petersen and Ian Aigul.

US-registered miners mined fewer bitcoins in November than last month, the bank said. However, they mine more on a “network basis”, accounting for 24.7% of the total network.

The bank noted that business hours have improved, which may be due in part to colder temperatures as winter approaches.

MARA Holdings (MARA) mined the most bitcoins in November with 907, while CleanSpark (CLSK) was second with 622, the report said.

MARA’s installed hashrate remains the highest in the sector at 46.1 exahashes per second (EH/s), followed by CleanSpark’s 33.7 EH/s, the report added.

Read more: Bitcoin mining economics continued to improve in December, JPMorgan says