Bitcoin Network Hashrate Increases Slightly in March as Mining Economy Weakens: JPMorgan
The report found that the share of miners listed on U.S. exchanges remained at approximately 30%.
Will Canny | Edited by Steven Alpher on 17 Mar 2025 14:19 UTC
What you should know:
- The report says that in the first two weeks of March, the Bitcoin network hashrate increased by 2 exahashes per second (EH/s).
- Miners listed on the US exchange have maintained their share of the network hashrate at around 30%.
- The 10% drop in the average price of Bitcoin had a negative impact on the mining economy during this period.
The Bitcoin network hashrate increased by 2 exahashes per second (EH/s) in the first two weeks of March to an average of 811 EH/s, according to a research report from JPMorgan (JPM) released on Monday.
JPMorgan noted that the share of miners listed on the US exchange remained at around 30%.
Hashrate represents the total computing power used to mine and process transactions on a proof-of-work blockchain and serves as an indicator of industry competition and mining difficulty.
Analysts Reginald Smith and Charles Pierce note that “the average price of Bitcoin has fallen by about 10%, putting pressure on the mining economy during this period.”
The report highlighted that the hashrate price, a measure of daily mining profitability, has remained largely unchanged since the end of last month.
According to the bank, miners earned about $48,300 in daily block rewards on EH/s in the first two weeks of March, down 11% from February and 52% from last April when the halving occurred.
The combined market capitalization of the 14 U.S.-listed mining companies tracked by the bank fell 13%, or about $3 billion, from the previous month.
Argo Blockchain (ARGO) was the best performer, up 1%, while Cipher Mining was the worst performer, down 25%. Only one of the miners covered by the bank outperformed Bitcoin over the same period, the report said.
Read more: Bitcoin Mining Economy Weakens in February: JPMorgan
