“In the first half of November, the indicator of profitability of bitcoin mining – the hash price – increased by 29%. This is written by CoinDesk with reference to the JPMorgan report. Analysts Reginald Smith and Charles Pearce noted that two main factors contributed to the significant improvement of the mining economy: the rally in the quotations of the first cryptocurrency, which preceded the increase in the hashrate; the increase in the share of transaction fees as a percentage of the block reward. After the victory in early November of Donald Trump in the presidential elections in US Bitcoin price added […]”, — write: businessua.com.ua
In the first half of November, the indicator of profitability of bitcoin mining – the hash price – increased by 29%. This is written by CoinDesk with reference to the JPMorgan report.
Analysts Reginald Smith and Charles Pearce noted that two main factors contributed to the significant improvement in the economics of mining:
rally of quotations of the first cryptocurrency, which preceded the increase of the hash rate;
the growth of the share of transaction fees as a percentage of the block reward.
After the victory of Donald Trump in the US presidential election in early November, the price of Bitcoin added about 30%, reaching a new all-time high.
The aggregate computing power of the network increased by 2% during this period, to an average of 718 EH/s.
On November 18, as a result of another recalculation, the difficulty of mining increased by only 0.63%, confirming the slowdown in hash rate expansion. However, the indicator, which is at a record mark of 102.29 T, will continue to put pressure on the profitability of production.
According to JPMorgan, the 14 US-listed mining companies tracked by the bank still account for about 28% of the network’s total capacity.
The total capitalization of these enterprises from October 31 to November 15 increased by 33% or ~$8 billion.
It will be recalled that in October, Matrixport analysts pointed to the potential for growth of miners’ quotes in view of the stabilization of the fall in income and lagging behind the dynamics of Bitcoin.
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