Bitcoin Network Hashrate Up Slightly in First Two Weeks of May: JPMorgan

The Bitcoin network hashrate increased by 2% during the first two weeks of May, reaching an average of 885 exahashes per second (EH/s), according to a research report from Wall Street bank JPMorgan (JPM) published on Friday.

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 competitiveness and mining difficulty.

Miners saw an increase in profitability in May as the price of Bitcoin increased. According to the bank, the Bitcoin price increased by $102,586.74 , which contributed to the increase in gross profit.

The hash rate price, which reflects the daily profitability of mining, has increased by 13% compared to April, which the institution said was an “encouraging” sign.

“According to our calculations, miners earned approximately $50,100 in daily block rewards on EH/s in the first two weeks of the month, up 13% from last month and up 3% from the previous year,” analysts Reginald Smith and Charles Pierce wrote.

According to the bank, miners listed on US exchanges have maintained their share of the network hashrate, which currently stands at around 30.5%, up 1.1% from April.

The total market capitalization of 13 U.S.-listed bitcoin mining stocks tracked by the bank has risen 24% this month, equivalent to $4.6 billion.

The report said that Bitdeer (BTDR) was the best performer with a 43% gain, while Greenidge (GREE) was the worst performer, down 5% compared to the rest of the sector.

Read more: HPC-exposed Bitcoin miners underperform BTC for third straight month: JPMorgan

Source: cryptonews.net