In a recent research report, JPMorgan revealed that the Bitcoin network hashrate increased by 4% during the initial two weeks of August, reaching an average of 937 exahashes per second (EH/s).
Hashrate signifies the total computational power utilized for mining and processing transactions on a proof-of-work blockchain, serving as an indicator of industry competition and mining complexity.
The collective hashrate of the 13 U.S.-listed miners tracked by the bank soared by 94% year-over-year, surpassing the 48% growth in the network hashrate. These U.S. miners now represent 33.6% of the global total, marking a record high.
Analysts Reginald Smith and Charles Pearce noted a daily block reward revenue of approximately $56,300 per EH/s for miners in the first half of August, reflecting a 2% decrease compared to the previous month.
Additionally, the hashprice, an indicator of daily mining profitability, saw a 2% decline from the end of July, as highlighted in the report.
During the month, the total market capitalization of bitcoin mining companies covered by the bank rose by 6% to $33.7 billion. Companies with high-performance computing (HPC) exposure outperformed, notably TeraWulf, which saw a significant 74% surge following a colocation deal with Fluidstack and an investment from Google.
Conversely, Riot Platforms experienced a 16% decline in the first half of August, according to the report.
Read more: Bitcoin Mining Profitability Rose 2% in July Amid BTC Price Rally, Jefferies Says
