The Bitcoin network hashrate increased by 2 exahashes per second (EH/s) in the first two weeks of March, averaging 811 EH/s, according to a research report from Wall Street bank JPMorgan released on Monday.

JPMorgan noted that the share of miners registered on the US exchange remains at around 30% of the network's total hashrate.

Hashrate represents the total computing power used to mine and process transactions on a proof-of-work blockchain, and serves as an indicator of the competition in the space and the difficulty of mining a cryptocurrency.

Analysts Reginald Smith and Charles Pierce point out that “the average price of Bitcoin has fallen by about 10%, which has had a negative impact on the mining economy during this period.”

The report said the hashrate price, a measure of daily mining profitability, has remained broadly stable since late last month.

According to the bank, miners received approximately $48,300 in daily block rewards per 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 in the bank's review outperformed Bitcoin over the same period, the report said.

Read more: Bitcoin Mining Economy Weakens in February: JPMorgan

Source: cryptonews.net