A new report from analysts at U.S. investment bank Jefferies Financial Group (JEF) says that Bitcoin (BTC) miners are likely to be profitable in December.
Jefferies says that Bitcoin’s rally to record highs above $105,000 U.S. per digital token and improving mining economics will help miners achieve profitability in the year’s final month.
At the same time, Bitcoin miners should get a boost after the average network hash rate rose by almost 4% since early November.
The hash rate represents the total computing power dedicated to a network and is a proxy for competition in the industry and mining difficulty.
The bullish outlook for December comes after Bitcoin miners turned a profit in November of this year.
Jefferies said that uptime has also improved for Bitcoin miners, which could be partly due to colder temperatures as winter approaches.
MARA Holdings (MARA) mined the most Bitcoin in November at 907 digital tokens, while CleanSpark (CLSK) was second with 622 BTC mined.
The price of Bitcoin is currently at $102,000 U.S., having gained 130% this year.
The stock of Jefferies is up 87% on the year and currently trading at $75.76 U.S. a share.
