The rise of BTC to records earlier this week should allow miners to extend their profitability from November into December, according to a report from on Wednesday, the investment bank Jefferies.

The economics of Bitcoin mining improved in November, with the average bitcoin price 31% higher while the network’s average hashrate increased almost 4%, according to the report.

THE hash raterepresenting the total computing power dedicated to a network, is an indicator of industry competition and mining difficulties.

“The average daily revenue per exahash was $55,649, representing a 20.7% month-over-month increase,” analysts Jonathan Petersen and Jan Aygul wrote.

U.S.-listed miners mined fewer bitcoins in November than the previous month, the bank said. Yet they operated more on a “network basis,” accounting for 24.7% of the total network.

The bank noted that availability has improved, which could be due in part to colder temperatures as winter approaches.

MARA Holdings (MARA) mined the most bitcoins, with 907 in November, and CleanSpark (CLSK) was second, with 622, the report said.

MARA’s installed hashrate remains the largest in the industry at 46.1 exahashes per second (EH/s), followed by CleanSpark at 33.7 EH/s, the report added.

Learn more: Bitcoin Mining Economy Continued to Improve in December, JPMorgan Says