Bitcoin is expensive, yet U.S.-listed miners just got paid less. In August, miner profitability slipped another 5% even as headline prices stayed firm—a classic divergence driven by one thing: a relentless rise in network hashrate tightening competition and compressing margins. If you trade miner equities or use hashrate as a macro tell for Bitcoin risk, this is the signal you can’t ignore.

What’s happening

Jefferies reports that rising hashrate directly cut miner revenue in August. A hypothetical 1 EH/s fleet generated about $55k/day last month versus $58k/day in July and $44k/day a year ago. Despite thinner margins, large U.S. miners kept output steady: 3,573 BTC in August vs 3,598 BTC in July. Their share of the network held at 26%.

On scale, MARA Holdings leads with a boosted hashrate of 59.4 EH/s, followed by CleanSpark at 50 EH/s. The takeaway: competition (difficulty) is weighing on earnings more than price is helping.

Why this matters to traders

Miner revenue is increasingly a function of hashprice (BTC price adjusted by difficulty and fees). When hashrate rises faster than price, daily revenue per EH/s falls, pressuring margins, increasing the odds of equity underperformance vs BTC, and raising the risk of forced selling and consolidation among weaker operators. Leaders with cheap power, efficient fleets, and scale can defend share—but the entire group’s multiple can compress as difficulty climbs.

Key numbers to anchor

- Revenue per 1 EH/s: $55k/day (Aug) vs $58k/day (Jul) vs $44k/day (Aug prior year) - U.S. listed miners’ network share: 26% (flat MoM) - Leaders: MARA 59.4 EH/s, CleanSpark 50 EH/s - Aggregate production: 3,573 BTC (Aug) vs 3,598 BTC (Jul)

Actionable trading angles

• Track difficulty epochs: rising difficulty with flat BTC often precedes miner equity underperformance vs BTC. Consider relative positioning (e.g., long BTC vs a basket of weaker miners) during difficulty uptrends.
• Favor efficiency and scale: prioritize miners with low power costs, modern rigs, and expanding EH/s (e.g., leaders cited) when difficulty is climbing.
• Use monthly production updates as catalysts: watch for variance vs expected BTC mined, realized prices, and curtailment disclosures; fade outsized pops if hashprice is trending down.
• Monitor energy and curtailment risk: higher power prices or heat-driven curtailments can further compress margins—especially for smaller, less-hedged operators.

Risks and opportunities

If BTC breaks higher while difficulty stalls, hashprice can snap back—fueling sharp, beta-rich rallies in miner equities. Conversely, a BTC pullback into a rising-difficulty regime is a double squeeze. Keep an eye on M&A headlines as smaller players face tighter margins; consolidation can rerate survivors but punish targets without cost advantages.

Bottom line

Rising hashrate is quietly taxing miner revenues, and the market is rewarding scale and efficiency over pure price beta. Align your positioning with the hashprice trend, pick your spots around scheduled updates, and let difficulty guide your relative exposure to miners vs BTC.

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