Bitcoin (BTC) Network Hashrate took a breather in the first two weeks of the month: JPMorgan
The Bitcoin Network’s hashrate declined modestly in the first two weeks of October, dropping 5 exahashes per second (EH/S) to an average of 1,030 eh/s, Wall Street Bank JPMorgan (JPM) said in a report Thursday.
The pullback in hashrate follows a series of record highs seen in August and September.
US-listed miners that the bank now monitors account for nearly 38% of the global network.
The Hashrate defines the total combined computational power used to mine and process transactions in a Proof-of-work blockchain, and a proxy for competition in industry and mining poverty.
“HPC enthusiasm continued in the first two weeks of October, as the 14 Bitcoin miners and data center operators we track reached a combined market cap of $79 billion,” wrote analysts Reginald Smith and Charles Pearce.
Miners earned nearly $52,500 in daily reward revenue per eh/s, an increase of 6% from the end of September, the report said, but the hashprice, a measure of daily mining profitability, fell 7%.
The total market cap of the 14 US-listed Bitcoin miners that the bank covers is 41% from the end of last month to a record $79 billion. All these companies outperformed BTC within the period.
Bitfarms (Bitf) surged with a 129% gain, and CANGO (CANG) underperformed the group with a 3% increase, the report added.
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