Bitcoin (BTC) mining profitability rose in December for the second month in a row: JPMorgan

Bitcoin (BitcoinDaily revenue and total earnings of miners rose for the second straight month in December, reaching their highest levels since April, JPMorgan said in a research report on Monday.

The bank noted increased mining profitability as the rise in the world’s largest cryptocurrency continues to outpace the growth of the network’s hash rate.

JPMorgan estimated that Bitcoin miners earned an average of $57,100 per exahash per second (EH/s) in daily reward revenue last month, 10% more than in November.

However, “daily revenue and gross profit per EH/s remain 43% and 52% below pre-halving levels, respectively,” analysts Reginald Smith and Charles Pearce wrote.

The report said that the network hash rate rose by 6% in December to reach an average of 779 EH/s. Hashrat Refers to the total combined computational power used to extract and process transactions on Proof of work blockchain.

Mining difficulty increased by 7% from the previous month and is now 27% higher than before Bonus halved event The bank said in April. The hashrate increased 54% in 2024, slower than 2023’s gain of 103%.

The total market capitalization of the 14 publicly traded bitcoin mining companies tracked by the bank fell 23% to $28 billion in December. The number rose by 52% in November.

TeraWulf (WULF) was the only mining company to outperform Bitcoin last year, posting gains of 136%, the report said. Bitcoin rose by about 120%.

Read more: Bitcoin miners are expected to make profits in December, Jefferies says