Bitcoin BTC$108,783.53 mining profitability declined 5% last month primarily becuase of an increase in the network hashrate, investment bank Jefferies said in a research report Sunday.

“A hypothetical one EH/s fleet of BTC miners would have generated ~$55k/day in revenue during August, vs ~$58k/day in July and ~$44k a year ago,” wrote analysts led by Jonathan Petersen.