Bitcoin Network Hashrate Fell 3% in June, Says JPMorgan
JPMorgan reported a 3% decline in the Bitcoin (BTC) network's monthly average hashrate in June. Key points include:
- The hashrate measures the computational power for mining and processing transactions, reflecting industry competition and mining difficulty.
- The decline was attributed to seasonal weather-related curtailments in the U.S., especially among major miners like Cipher, IREN, and Riot, which collectively operate over 80 EH/s in Texas.
- Mining profitability improved, with miners earning an average of $55,300 per EH/s in daily block reward revenue, a 7% increase from April.
- Daily gross profit from block rewards rose by 13% month-on-month, reaching the highest level since January.
- The market cap of 13 U.S.-listed bitcoin miners increased by 23%, or approximately $5.3 billion.
- Miners with high-performance computing (HPC) exposure outperformed traditional miners, influenced by speculation over a deal between Core Scientific and CoreWeave.
- IREN saw a 67% gain, while Bitfarms experienced a 19% decline.