JPMorgan Says Bitcoin Mining Profitability Rises in May
The combined market capitalization of 13 miners listed on U.S. exchanges and tracked by JPMorgan increased nearly 20% in May, while the price of Bitcoin
According to a research report released on Monday, the BTC price has risen to $104,157.04 and mining profitability has increased.
According to the report, the Bitcoin network hashrate increased by about 25 exahashes per second (EH/s) last month, reaching an average of 897 EH/s.
Hashrate represents the total computing power used to mine and process transactions on a proof-of-work blockchain, and serves as an indicator of the competitive environment in the industry and the difficulty of mining.
Mining profitability improved in May. The bank calculated that “Bitcoin miners earned an average of $51,600 per EH/s in daily block rewards in May, up 16% from April,” analysts Reginald Smith and Charles Pierce reported.
The bank also noted that gross profit from daily block rewards increased significantly, increasing by 36% month-on-month to $27,900 per EH/s.
IREN (IREN) outperformed the rest of the group, posting a 37% gain, while Bitfarms (BITF) was the worst performer, falling 8%, according to JPMorgan.
The report also mentioned that seven of the 13 bitcoin mining companies the bank tracks outperformed bitcoin last month.
Read more: Bitcoin Mining Profitability Declines in April as Network Hash Rate Rise: Jefferies
Source: cryptonews.net
