Bitcoin Network Hashrate Increased 2% to 885 EH/s in May
The Bitcoin network hashrate increased by 2% in the first two weeks of May, averaging 885 EH/s, according to JPMorgan's report. Key points include:
- Hashrate indicates total computational power for mining and processing transactions on a proof-of-work blockchain.
- Miner profitability improved as Bitcoin prices rose, with gross margins expanding.
- Hashprice, reflecting daily mining profitability, rose by 13% from April.
- Estimated daily block reward revenue per EH/s reached ~$50,100, up 13% month-over-month and 3% year-over-year.
- U.S.-listed miners hold about 30.5% of the network hashrate, a 1.1% increase since April.
- Total market cap of 13 tracked U.S.-listed bitcoin mining stocks rose 24%, or $4.6 billion.
- Bitdeer (https://holder.io/coins/btdr/) saw a 43% gain, while Greenidge (https://holder.io/coins/gree/) declined by 5%.