According to Jefferies, Bitcoin mining was less profitable in September compared to the previous month due to stability in the average price of the cryptocurrency and a 1.7% increase in network hashrate.
The investment bank predicts that the trend will continue in October, with a 5% increase in BTC prices offset by an 11% increase in hashrate.
The report also highlights that North American mining companies recorded a higher share of Bitcoin mining in September, at 22.2% of the network's total.
This was partly due to improved uptime, as cooler temperatures benefited these companies. Marathon Digital and CleanSpark were the top two mining companies in terms of tokens mined, with 705 and 493 respectively.