November 19, 2024
Bitcoin Mining Economics Improved in the First Half of November: JPMorgan thumbnail
Business

Bitcoin Mining Economics Improved in the First Half of November: JPMorgan

The total market cap of the miners the bank tracks grew 33% since the end October, the report said.”, — write: www.coindesk.com

  • The hashprice rose almost 30% in the first two weeks of the month as bitcoin mining profitability improved, the report said.
  • The total market cap of the miners tracked by the bank surged 33%, or about $8 billion.
  • U.S.-listed bitcoin miners now account for about 28% of the global network, the bank said.
  • Bitcoin Breaks $64K While Gold Soars

    01:01

    Bitcoin Breaks $64K While Gold Soars

  • ETH/BTC Ratio Slid to Lowest Since April 2021

    00:56

    ETH/BTC Ratio Slid to Lowest Since April 2021

  • Is Bitcoin Losing Its Bullish Momentum?

    00:57

    Is Bitcoin Losing Its Bullish Momentum?

  • Bitcoin (BTC) mining economics improved in the first half of November as the hashprice rose, JPMorgan (JPM) said in a research report on Monday.

    The hashprice, a measure of mining profitability, “increased 29% since the end of October as the BTC rally outpaced network hashrate growth and transaction fees increased as a percentage of the block reward,” analysts Reginald Smith and Charles Pearce wrote.

    The total market cap of the mining stocks the bank tracks surged 33%, or around $8 billion, from Oct. 31 to Nov. 15 owing to “BTC gains and broader crypto optimism post election,” the authors wrote.

    Bitcoin, the world’s largest cryptocurrency, surged as much as 30% to all-time highs following Donald Trump’s victory in the U.S. presidential election earlier this month.

    The network hashrate has risen 2% month-to-date to an average of 718 exahashes per second (EH/s), the report said. Hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain and is a proxy for competition in the industry and mining difficulty.

    The 14 U.S.-listed miners in the bank’s coverage now account for about 28% of the global network, and their share of the network hashrate remains at record highs.

    Edited by Sheldon Reback.

    Disclosure

    Please note that our

    privacy policy,

    terms of use,

    cookies,

    and

    do not sell my personal information

    have been updated

    .

    CoinDesk is an

    award-winning

    media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of

    editorial policies.

    CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.

    Author placeholder image

    Related posts

    “PrivatBank” updated the exchange rate: what is the price of the dollar at the beginning of the week

    unian ua

    Zelenskyy said whether the state has money for salaries and indexation of pensions

    unian ua

    In Abkhazia, the president wrote a resignation letter, but warned that he might withdraw it

    business ua

    Leave a Comment

    This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More