BTC Mining Profitability Sinks to All-Time Low, Says JPMorgan

IconCryptoNewsTerminal Staff16 Aug, 2024

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BTC Mining Profitability Sinks to All-Time Low, Says JPMorgan

JPMorgan recently released a report highlighting the declining profitability of Bitcoin (BTC) mining. The report states that the BTC hashrate surged during the first half of August, leading to an all-time low in mining profitability. As a result, the combined market capitalization of 14 publicly traded miners has dropped by 18% since the end of July. Despite the reduced profitability, the hashrate share of these 14 miners has been steadily increasing for the past four months, now standing at 26%. Hashprice, an indicator of mining profitability, has plunged 30% since December 2022 and is 40% below pre-halving levels. This sharp decline could potentially hinder the growth of hashrate in the near future.

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