Financial Insights That Matter
The profitability of mining Bitcoin (BTC) declined 7.4% in March as the price of the largest cryptocurrency steadily declined, says U.S. investment bank Jefferies Financial Group (JEF).
The drop was due to a 11.2% decline in the average price of Bitcoin, and a 9.1% drop in transaction fees, according to a monthly report published by Jefferies. U.S.-listed miners produced 3,534 Bitcoin in March, up from 3,002 in February.
Miner MARA Holdings (MARA) produced the most Bitcoin in March, with 829 tokens minted, followed by CleanSpark (CLSK) with 706 BTC. MARA Holdings also claims to have had the largest installed hashrate at 54.3 exahashes per second, with CleanSpark in second at 42.4, says the report.
Price Stability
Looking ahead to April, Jefferies noted in its report that Bitcoin’s price is unchanged this month while the benchmark S&P 500 index is down 6%. U.S. dollar weakness may be helping to support Bitcoin’s price currently and could be responsible for some of April’s outperformance, noted Jefferies.
U.S. President Donald Trump’s shifting tariff policies and trade war with China has increased the level of uncertainty in the market, leading many investors to flee risk assets such as cryptocurrencies and pushing prices lower. BTC is currently trading around $84,800 per digital token, down 10% on the year.
Is BTC a Buy?
Most Wall Street firms don’t offer ratings or price targets on Bitcoin, so we’ll look at the cryptocurrency’s three-month performance instead. As one can see in the chart below, the price of BTC has declined 14.53% in the last 12 weeks.
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