The post JPMorgan Releases New Report on Bitcoin Network Following Recent Volatility appeared on BitcoinEthereumNews.com.

Bitcoin mining profitability increased significantly in November, thanks to record-high prices and rising transaction fees, according to a research report published today by JPMorgan. However, the bank noted that profitability remained significantly below pre-halving levels. “We estimate that Bitcoin miners earned an average of $52,000 per EH/s in daily block reward revenue in November, up 24% from October,” JPMorgan analysts Reginald Smith and Charles Pearce wrote, noting the revenue increases miners achieved throughout the month. The increase in transaction fees following the November 5 U.S. presidential election contributed to what the bank calls “hashprice relief.” Hashprice is a key measure of mining profitability that combines block rewards and transaction fees. The combined market value of the 14 publicly traded Bitcoin mining companies covered by JPMorgan rose 52% in November to $36.2 billion. JPMorgan also reported a 4% month-over-month increase in Bitcoin’s average network hashrate, which reached 731 exahashes per second (EH/s) in November. The company noted that Bitcoin’s annualized volatility also climbed in November, rising to 62% from 42% in October. This volatility presents both opportunities and challenges for miners, as sudden price swings can significantly impact profitability. Despite the improvements, the report noted that miners’ gross profits remain around 50% below levels seen before Bitcoin’s most recent halving event. *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/jpmorgan-releases-new-report-on-bitcoin-network-following-recent-volatility/

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Filed under: News - @ December 2, 2024 9:24 pm