Bitcoin Network Hashrate Returned to All-Time Highs in August: JPMorgan

The Bitcoin network hashrate returned to record highs last month, increasing around 50 exahashes per second (EH/s) to an average of 949 EH/s, Wall Street bank JPMorgan (JPM) said in a research report ￰0￱ hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain, and is a proxy for competition in the industry and mining ￰1￱ total market cap of the 13 U. S-listed bitcoin (BTC) miners the bank tracks also hit a record high in August, with high-performance computing (HPC) execution driving the ￰2￱ (WULF) announced a colocation deal with Fluidstack and IREN (IREN) expanded its GPU fleet , the bank ￰3￱ the hashrate at a record, mining profitability declined from the previous month as the bitcoin price fell.

"We estimate bitcoin miners earned an average of $55,100 per EH/s in daily block reward revenue in August, down 4% from July," analysts Reginald Smith and Charles Pearce ￰4￱ block reward gross profit also fell, dropping 7% to $31,900 per EH/s, the analysts ￰5￱ combined market cap of the 13 U. S.-listed bitcoin miners that JPMorgan analysts track surged 23% from the month previous, or around $7.4 ￰6￱ outperformed with a 83% gain, while Greenidge Generation (GREE) underperformed the group with a 22% decline, the report ￰7￱ more: Bitcoin's 7 Day Average Hashrate Hits 1 ZettaHash for First Time