“The network hashrate rose 54% in 2024, slower than 2023’s 103% gain, the report said.”, — write: www.coindesk.com
Mining profitability increased as the rally in the world’s largest cryptocurrency continued to outpace network hashrate growth, the bank noted.
JPMorgan estimated that bitcoin miners earned an average of $57,100 per exahash per second (EH/s) in daily block reward revenue last month, 10% more than in November.
Still, “daily revenue and gross profit per EH/s is still 43% and 52% below pre-halving levels, respectively,” analysts Reginald Smith and Charles Pearce wrote.
The network hashrate grew by 6% in December to an average of 779 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.
Mining difficulty rose 7% from the month before and is now 27% higher than before the reward halving event in April, the bank said. The hashrate increased 54% in 2024, slower than 2023’s gain of 103%.
The total market cap of the 14 publicly listed bitcoin miners that the bank tracks declined 23% to $28 billion in December. The figure rose 52% in November.
TeraWulf (WULF) was the only miner that outperformed bitcoin last year, with a 136% gain, the report said. Bitcoin climbed about 120%.
Read more: Bitcoin Miners Are Expected to be Profitable in December, Jefferies Says
X icon
