[Jefferies Report: Bitcoin Mining Profitability Declines in September as Network Hashrate Growth Increases Pressure] Investment bank Jefferies released a report indicating that Bitcoin mining profitability declined in September 2025. Despite Bitcoin prices remaining relatively stable, network hashrate grew by approximately 1.7%, leading to a 2.6% drop in average daily revenue per Exahash. The share of Bitcoin production by publicly listed North American mining companies rose from 19.9% in August to 22.2% in September, with Marathon Digital achieving the highest mining output at 705 BTC, followed by CleanSpark with 493 BTC. Jefferies warned that miners could face greater pressure in October. Although Bitcoin prices increased by about 5%, the network hashrate grew by 11%, further compressing profit margins.