JPMorgan: November Sees 29% Jump in Bitcoin Mining Profitability Metrics
According to a research report released by JPMorgan on Monday, the economics of Bitcoin mining improved in the first half of November as the hash price increased. Analysts Reginald Smith and Charles Pearce noted that Bitcoin’s surge outpaced the growth of its network hash rate. They added that transaction fees rose as a percentage of the block reward, leading to a 29% increase in hash price, a key measure of mining profitability, since the end of October. The authors noted that due to Bitcoin gains and general post-election optimism, the entire market capitalization of the mining stocks the bank measures increased 33%, or almost $8 billion, between October 31 and November 15.
Bitcoin Network Hashrate Reaches 718 EH/s Amid Post-Election Rally
After Donald Trump won the U.S. presidential election earlier this month, Bitcoin, the biggest cryptocurrency in the world, jumped up to 30% to reach all-time highs. The report stated that the average network hash rate has increased by 2% so far this month to 718 exahashes per second (EH/s). The 14 U.S.-listed miners that are covered by the bank currently make up around 28% of the global network, and their hashrate share is still at all-time highs.
For more up-to-date crypto news, you can follow Crypto Data Space.
Leave a comment