Bitcoin Mining Market Cap Increased Nearly 20% in May
The total market cap of 13 U.S.-listed bitcoin miners tracked by JPMorgan increased nearly 20% in May due to a rise in bitcoin prices and improved mining profitability.
- The Bitcoin network hashrate averaged 897 EH/s, up approximately 25 EH/s last month.
- Mining profitability rose, with miners earning an average of $51,600 per EH/s in daily block reward revenue, a 16% increase from April.
- Daily block reward gross profit increased by 36% month-on-month to $27,900 per EH/s.
- IREN outperformed with a 37% gain; Bitfarms saw an 8% decline.
- Seven of the thirteen tracked companies surpassed bitcoin's performance last month.