The Bitcoin network hashrate declined modestly in the first two weeks of October, dropping by 5 exahashes per second (EH/s) to an average of 1,030 EH/s, according to a report by Wall Street bank JPMorgan (JPM) released Thursday. This pullback in the hashrate follows the successive record highs observed in August and September.
U.S.-listed miners tracked by JPMorgan now account for around 38% of the global Bitcoin network. The hashrate represents the total combined computational power used to mine and process transactions on a proof-of-work blockchain. It serves as a proxy for competition within the industry and mining difficulty.
“HPC enthusiasm continued over the first two weeks of October, as the 14 Bitcoin miners and data center operators we follow reached a combined market cap of $79 billion,” analysts Reginald Smith and Charles Pearce noted in the report.
Miners earned approximately $52,500 in daily block reward revenue per EH/s, marking a 6% increase from the end of September. However, the hashprice—a measure of daily mining profitability—fell by 7% during the same period.
The total market capitalization of the 14 U.S.-listed Bitcoin miners covered by JPMorgan rose 41% from the end of last month to a record $79 billion. All these companies outperformed Bitcoin (BTC) over the period.
Among the group, Bitfarms (BITF) led with a 129% gain, while Cango (CANG) posted the smallest rise at 3%, the report added.
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