Bitcoin mining margins tightened in September as a rising network hashrate and a slide in BTC prices dragged profitability lower. Bitcoin BTC$110,905.05 mining profitability slid more than 7% in Sept. as the price of the world’s largest cryptocurrency fell 2% while the network’s hashrate jumped about 9%, according to investment bank Jefferies. While the network’s hashrate has eased somewhat this month, the sharp decline in the bitcoin price has intensified pressure on miner profitability heading into the fourth quarter of 2025, the bank said in the report on Sunday. The hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain, and is a proxy for competition in the industry and mining difficulty. Jefferies said that
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