Bitcoin Miners With HPC Exposure Underperform BTC for Third Consecutive Month

JPMorgan's recent report indicates that Bitcoin (BTC) mining companies with high-performance computing (HPC) exposure have underperformed BTC for the third consecutive month in April. Key points include:

Miners like IREN, RIOT, WULF, and HUT experienced lower performance compared to BTC.
Mining profitability declined as the network hashrate increased.
Daily block reward revenue decreased by 6% from March.
The monthly average hashrate rose by 6% to 872 EH/s, marking the second largest increase on record.
Total market cap of 13 tracked U.S.-listed mining stocks increased by 12% from March.
Greenidge (GREE) recorded a notable gain of 46% in April.