JPMorgan reports that Bitcoin’s network hashrate eased after record highs, while U.S.-listed miners’ combined market capitalization surged to a new record amid shifting profitability metrics.
JPMorgan reported that Bitcoin’s network hashrate declined by 5 exahashes per second (EH/s) in early October to 1,030 EH/s, following record levels in August and September. U.S.-listed miners tracked by the bank now account for about 38% of the global hashrate, with their total market capitalization rising 41% to a record $79 billion. During the same period, daily block rewards per EH/s increased 6% to $52,500, while the hashprice—a measure of mining profitability—fell 7%. Bitfarms led miner performance with a 129% gain, while Cango underperformed with a 3% rise.