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Daily block reward gross profit fell to the lowest "on recent record" last month, the report said.

October could be a harder month for the miners with the network hashrate currently 11% higher while the bitcoin price is up only about 5%, the report said.

The total market cap of the fourteen publicly listed mining stocks the bank tracks fell 18% since the end of last month, the report said.

Miners earned an average of $43,600 per exahash a second in daily block rewards last month, the lowest rate on record, the report said.

The network's monthly average hashrate surged to a record high, the report said.

Iris Energy is best positioned to take advantage of the HPC/AI opportunity, the report said.

The effect of miner concentration is yet to be seen, the note said.

Bitcoin miners help expand the use of renewable energy and balance energy networks, says Ryan Condron, co-founder of Lumerin.

The stocks are undervalued, so miners with attractive power contracts could become M&A targets, according to Wall Street analysts.