“The average network hashrate fell 1% last month after hitting record highs in October.”, — write: www.coindesk.com
Daily block reward gross profit also slumped 26% from the previous month, analysts Reginald Smith and Charles Pearce wrote.
The Bitcoin network hashrate dropped 1% to an average of 1,074 exahashes per second (EH/s) in November, the report said, after hitting a record high in October.
“Bitcoin miners earned an average of $41,400 per EH/s in daily block reward revenue in November, down 14% from October and 20% y/y,” the analysts wrote.
The 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 combined market cap of the fourteen US-led miners that the bank tracks fell 16% month-on-month to $59 billion.
Cipher Mining (CIFR) outperformed the group with a 9% gain, supported by its recent Fluidstack deal.
Bitdeer (BTDR) underperformed with a 40% decline, the report added.
Read more: Bitcoin Miners Cipher and CleanSpark Upgraded by JPMorgan as HPC Shift Accelerates
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Sharp 24-hour decline sends Internet Computer into fresh multi-day lows, with a high-volume support breach defining the session
- ICP fell from $3.98 to $3.69, extending a multi-day decline.
- Volume spikes reached nearly 3x the 24-hour average during the breakdown.
- Price stabilized between $3.55–$3.65 before a modest late-session rebound.
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