Bitcoin mining profitability experienced a significant decline of over 7% during September 2025. This contraction was confirmed in a recent analysis by investment bank Jefferies. The report attributes the fall to a combination of weak prices and record-high network competition.
The mining sector faced a complex scenario last month. The price of Bitcoin retreated by approximately 2%, while the global hashrate (the network’s computational power) surged by 9%. This imbalance forced an upward adjustment in mining difficulty. As a result, daily revenue per unit of power (hashprice) decreased significantly. According to the analysis, a 1 EH/s fleet generated about $52,000 daily in September, a considerable drop from $56,000 in August.
This pressure is not new, but rather a continuation of the post-halving trend. The April 2024 event cut the block reward in half, from 6.25 BTC to 3.125 BTC. This cut dramatically eroded the hashprice over the last year. Jefferies’ figures show that revenue per terahash fell from $0.12 in April 2024 to just $0.049 in April 2025, illustrating the harsh operational reality of the sector.
Are miners on the verge of a liquidity crisis?
The margin reduction directly affects daily cash flow. Publicly traded mining companies in North America felt the blow, reducing their combined production to 3,401 BTC, down from 3,576 BTC in August. Operators with high energy costs or outdated hardware are seeing their profits disappear. This could force them to shut down rigs or sell reserves of Bitcoin to cover operational expenses. The market now rewards energy efficiency more than ever, evidenced by the production divergence between operators like MARA and CleanSpark.
The situation in October does not seem to offer immediate relief. Although the price of BTC has shown a slight recovery of 5%, the hashrate has grown by an alarming 11%. Jefferies warns that operational efficiency remains under scrutiny. The next difficulty adjustment will be a critical indicator. This event will determine if the pressure on Bitcoin mining profitability increases or if the sector finds a temporary truce.
