JPMorgan Reports 22% Drop in U.S. Bitcoin Miners’ Market Cap in February
The market capitalization of 14 U.S. bitcoin miners tracked by JPMorgan fell 22% in February due to a decline in bitcoin's price and mining economics.
Key points include:
- Bitcoin miners averaged $54,300 per EH/s in daily block reward revenue, down 5% from January.
- Daily gross profit dropped 9% month-over-month to $29,500 per EH/s.
- The average network hashrate increased by 3% to 810 EH/s.
- Mining difficulty rose by 2%, now 28% higher than pre-halving levels.
- Core Scientific was the least affected with a 9% decline, while Greenidge Generation saw a 36% decrease.