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The hashrate of the Bitcoin network reached a record in October, JPMorgan ( JPM ) said in a report on Monday.
The monthly average network hashrate increased by 5% to 1,082 exahashes per second (EH/s), the report said.
U 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 industry competition and mining difficulty.
At the end of last month, “the mining difficulty was 3% higher than the end of September, and 80% higher than the difficulty to go in the most recent. half“, wrote analysts Reginald Smith and Charles Pearce. The halving, when the reward assigned to add a block to the blockchain is cut by 50%, happened in April 2024.
The mining economy was depressed for the third month in a row, the report said.
The bank’s analysts estimated that miners earned an average of $48,000 per EH/s in daily block reward revenue in October, 3% less than in September. Gross daily block reward profit fell by 4%.
The combined market capitalization of the 14 U.S.-listed mining companies the bank tracks rose $14 billion, or 25%, to $70 billion last month. The move was driven by high performance computing (HPC) announcements and excitement over the sector’s pivot to AI.
Ciper Mining (CIFR) topped the group with a 48% increase last month, and Cango (CANG) underperformed with a 5% decline, analysts said. It was the only mining company covered to do worse than bitcoin, which fell 3.9%.
Read more: Bitcoin Miners Sit on Prime Power Assets as AI Pivot Accelerates: Canaccord
