Bitcoin Mining Profitability Tumbled in August—Here’s What Jefferies Found

Bitcoin miners felt the squeeze last month as profitability took a notable hit. Higher energy costs and network difficulty slammed margins—just as the institutional crowd keeps preaching 'long-term horizons.'

Behind the Numbers

Jefferies’ latest analysis points to a clear dip. No surprise there—when Bitcoin’s price action stalls and operational expenses climb, somebody’s got to pay. And it’s usually the miners.

Not All Doom and Gloom—Just Mostly

Efficiency-focused operations might still scrape by. But for the rest? It’s a classic crypto shakeout—weak hands fold, strong ones hodl. Or as Wall Street likes to call it: 'natural selection.'

One cynical take? Traditional analysts finally noticed mining isn’t just printing free money—who knew electricity costs real dollars?