Bitcoin (BTC) miners’ each day income and gross revenue rose for the second consecutive month in December, hitting the best ranges since April, JPMorgan (JPM) mentioned in a analysis report on Monday.
Mining profitability elevated because the rally on the earth’s largest cryptocurrency continued to outpace community hashrate development, the financial institution famous.
JPMorgan estimated that bitcoin miners earned a mean of $57,100 per exahash per second (EH/s) in each day block reward income final month, 10% greater than in November.
Nonetheless, “each day income and gross revenue per EH/s remains to be 43% and 52% beneath pre-halving ranges, respectively,” analysts Reginald Smith and Charles Pearce wrote.
The community hashrate grew by 6% in December to a mean of 779 EH/s, the report mentioned. Hashrate refers back to the complete mixed computational energy used to mine and course of transactions on a proof-of-work blockchain.
Mining problem rose 7% from the month earlier than and is now 27% larger than earlier than the reward halving occasion in April, the financial institution mentioned. The hashrate elevated 54% in 2024, slower than 2023’s achieve of 103%.
The whole market cap of the 14 publicly listed bitcoin miners that the financial institution tracks declined 23% to $28 billion in December. The determine rose 52% in November.
TeraWulf (WULF) was the one miner that outperformed bitcoin final yr, with a 136% achieve, the report mentioned. Bitcoin climbed about 120%.
Learn extra: Bitcoin Miners Are Anticipated to be Worthwhile in December, Jefferies Says
