Bitcoin Mining Profitability Remains at All-Time Lows as Prices Fall, Hashrate Rises, JPMorgan Says [Yahoo! Finance]
JP Morgan Chase & Co. (JPM)
Last jp morgan chase & co. earnings: 4/14 06:43 am
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Source: Yahoo! Finance
The bank noted that U.S.-listed miners' share of the network hashrate increased for the fifth straight month to a new record. The fall in the hashprice, coupled with seasonal trends, could limit hashrate growth in the near term, JPMorgan said. Bitcoin {{BTC}} mining stocks fell in the first half of September as the price of the world's largest cryptocurrency remained below $60,000, and the network's hashrate rose, JPMorgan (JPM) said in a research report on Monday. The hashrate has risen 4% month-to-date and is now back to pre-halving levels, the report noted. 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 mining industry. The hashprice, a measure of miner's daily profitability, has fallen 2% this month, and is more than 50% below pre-halving levels, the bank noted, and this decline, when "coupled with seasonal curtailment, could slow near-term hashrate growth.
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