Total Cap of the 13 -listed US -listed US miners who monitor JPMorgan rose nearly 20% in May, such as Bitcoin
Increased profitability of rallied and mining, the bank said in a research report Monday.
The hashrate of the Bitcoin network rose about 25 exahashes per second (eh/s) on average 897 eh/s last month, according to the report.
The Hashrate Refers to the total combined computational power used in mine and process transactions in a Proof-of-work Blockchain, and a proxy for industry and mining poverty competition.
The profitability of mining has improved in May. The bank estimated that “Bitcoin miners earned an average of $ 51,600 per eh/s in the day -to -day reward of the block reward in May, up to 16% since April,” analysts Reginald Smith and Charles Pearce wrote.
The daily block reward gross profit also increased dramatically, jumping 36% month-to-month up to $ 27,900 per eh/s, the bank said.
The Iren (Iren) raised the group with a 37% increase, and Bitfarms (Bitf) was unchanged with an 8% decline, JPMorgan said.
Seven of the thirteen Bitcoin mining companies that the bank monitored the outperformed Bitcoin last month, the report added.
Read more: Bitcoin mining ability fell in April as Network Hashrate Rose: Jefferies
