The combined market capitalization of 14 U.S. public miners overseen by Wall Street bank JPMorgan (JPM) fell 22% in February as the price of Bitcoin (BTC) fell and the economics of mining struggled.

The bank noted that shares of high-performance computing (HPC) bitcoin miners fell after the announcement of artificial intelligence (AI) startup DeepSeek and concerns about demand for data center computing power in the short term.

Revenue and profitability declined last month. The bank estimated that Bitcoin miners earned an average of $54,300 per EH/s in daily block rewards in February, down 5% from the previous month.

“Daily block reward gross revenue declined 9% month-on-month to $29,500 per EH/s in February,” analysts Reginald Smith and Charles Pierce report.

The report said that last month, the average network hashrate increased by 3% to reach 810 exahashes per second (EH/s).

Hashrate refers to the total aggregate computing power used to mine and process transactions on a proof-of-work blockchain.

According to the bank, mining difficulty has increased by 2% since January. The network difficulty is currently 28% higher than before the halving in April last year.

The report also found that Core Scientific (CORZ) was the top performer, down 9%, while Greenidge Generation was the worst performer, down 36% for the month.

Read more: US-based Bitcoin miners accounted for 29% of global hashrate in February: JPMorgan

Source: cryptonews.net