Bitcoin Miners See Revenue Surge as Hashrate Grows

Coin-Turk 9 months ago 133

Bitcoin (BTC ($110,972.00)) $101,091 miners have reported an increase in daily earnings and gross profits for the second consecutive month, reaching their highest levels since April. A research report published by JPMorgan on Monday indicates that the largest cryptocurrency‘s rally has outpaced the growth in the network’s hashrate, leading to increased mining profitability.

Revenue and Profit Increase

JPMorgan estimates that Bitcoin miners earned an average of $57,100 per exahash in daily block rewards last month, marking a 10% increase compared to November. However, analysts Reginald Smith and Charles Pearce noted that “daily revenue and gross profit per EH/s is still 43% and 52% below pre-halving levels, respectively.”

Hashrate and Mining Difficulty

The network’s hashrate increased by 6% in December, reaching an average of 779 EH/s. The JPMorgan report stated that the hashrate growth is expected to be 54% in 2024, which is lower than the 103% increase...

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