Bitcoin (BTC) Network Hashrate Rose Slightly in First Two Weeks of May: JPMorgan

JPMorgan Bank has reported that the Bitcoin network hashrate has increased by 2% in the first two weeks of May, reaching an average of 885 exahashes per second (EH/s). The hashrate represents the total computational power used for mining and processing transactions on the blockchain. It serves as an indicator of competition in the industry and mining difficulty.

Miner profitability has also seen improvements in May, thanks to the rising price of Bitcoin. Gross margins expanded, leading to an increase in the hashprice, a measure of daily mining profitability, which rose by 13% from April. Analysts Reginald Smith and Charles Pearce noted that miners earned around $50,100 in daily block reward revenue per EH/s during the first half of May, marking a 13% increase from the previous month and a 3% increase year-over-year.

U.S.-listed miners have maintained their share of the network hashrate, currently accounting for approximately 30.5% of the total network. This marks a 1.1% increase from April, according to the bank’s report. The total market capitalization of the 13 U.S.-listed bitcoin mining stocks tracked by JPMorgan rose by 24% in May, amounting to a $4.6 billion increase.

Among the U.S.-listed mining stocks, Bitdeer (BTDR) outperformed with a 43% gain, while Greenidge (GREE) underperformed the sector with a 5% decline. JPMorgan’s report highlights the performance of Bitcoin miners with high-performance computing (HPC) exposure, noting that they have underperformed Bitcoin for the third consecutive month.

Overall, the increase in Bitcoin’s network hashrate and miner profitability in May reflects the growing strength and resilience of the cryptocurrency mining industry amid market fluctuations. Investors and analysts continue to monitor these metrics closely as they provide valuable insights into the health and growth of the Bitcoin network. Could’ve sworn the page was around here somewhere…

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