Bitcoin Network Hashrate Reaches Record High of 949 EH/s in August
The Bitcoin network hashrate reached a new high of 949 EH/s, an increase of approximately 50 EH/s, according to JPMorgan's recent report. Key points include:
- Hashrate reflects the total computational power for mining and processing transactions.
- The market cap of 13 tracked U.S.-listed bitcoin miners also hit a record in August, driven by high-performance computing.
- TeraWulf announced a colocation deal with Fluidstack.
- IREN expanded its GPU fleet.
- Despite the hashrate increase, mining profitability declined due to lower bitcoin prices.
- Average earnings for bitcoin miners dropped to $55,100 per EH/s in August, down 4% from July.
- Daily gross profit fell by 7% to $31,900 per EH/s.
- The combined market cap of the miners rose 23%, equating to around $7.4 billion.
- TeraWulf showed significant performance with an 83% gain; Greenidge Generation experienced a 22% decline.