The post Bitcoin Miners’ Revenues Hit All-Time Low, What Does It Mean? JPMorgan Explained appeared on BitcoinEthereumNews.com.

Bitcoin mining profitability fell to an all-time low in the first two weeks of August, according to a research report published today by JPMorgan. The decline was attributed to an increase in the Bitcoin network’s hashrate, which increased competition among miners. The report, penned by analysts Reginald Smith and Charles Pearce, noted that the combined market value of 14 mining companies listed in the US has fallen by 18% since the end of July. This decline erased the gains previously attributed to the artificial intelligence (AI) sector. Hashrate, a measure of the total computing power used to mine and process transactions on the Bitcoin network, increased by approximately 5 exahashes per second (EH/s) in the first two weeks of August. While this increase represents only a 1% gain, it has raised the average hashrate to 621 EH/s, but remains 30 EH/s below pre-hash levels. Hashprice, an indicator of mining profitability, is currently around 30% lower than levels seen in December 2022 and around 40% below pre-halve levels. The report suggests that this declining profitability could slow hashrate growth in the near term. Despite the challenges miners are facing, there is some positive news. US-listed miners increased their share of the BTC network hashrate for the fourth consecutive month, reaching a new record high of 26%. The report also looked at the broader context of Bitcoin’s price performance. While the price has fallen by around 5% since the halving, it’s still up an impressive 35% year-to-date and 104% year-over-year. *This is not investment advice. Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data! Source: https://en.bitcoinsistemi.com/bitcoin-miners-revenues-hit-all-time-low-what-does-it-mean-jpmorgan-explained/

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Filed under: News - @ August 16, 2024 3:19 pm