JPMorgan Says Bitcoin Mining Profitability Rises in May

The combined market capitalization of 13 miners listed on a U.S. exchange and monitored by JPMorgan increased by nearly 20% in May as the price of bitcoin

According to a research report from the bank published on Monday, the BTC price has risen to $104,157.04 , which has led to an increase in mining profitability.

According to the report, the Bitcoin network hashrate increased by about 25 exahashes per second (EH/s) last month, reaching an average of 897 EH/s.

Hashrate refers to 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.

Mining profitability improved in May. The bank calculated that “Bitcoin miners earned an average of $51,600 per EH/s in daily block rewards in May, up 16% from April,” analysts Reginald Smith and Charles Pierce wrote.

The bank also noted that gross profit from daily block rewards increased significantly, increasing by 36% month-on-month to $27,900 per EH/s.

IREN (IREN) outperformed the rest of the pack, posting a 37% gain, while Bitfarms (BITF) was the worst performer, falling 8%, according to JPMorgan.

The report also found that seven of the 13 bitcoin mining companies monitored by the bank outperformed bitcoin last month.

Read more: Bitcoin Mining Profitability Declines in April as Network Hash Rate Rise: Jefferies

Source: cryptonews.net