The total market cap of the 13 U.S.-listed miners that JPMorgan tracks rose almost 20% in May, as bitcoin BTC rallied and mining profitability increased, the bank said in a research report Monday.
The Bitcoin network hashrate rose about 25 exahashes per second (EH/s) to an average of 897 EH/s last month, according to the report.
The 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 difficulty.
Mining profitability improved in May. The bank estimated that “bitcoin miners earned an average of $51,600 per EH/s in daily block reward revenue in May, up 16% from April,” analysts Reginald Smith and Charles Pearce wrote.
Daily block reward gross profit also increased substantially, jumping 36% month-on-month to $27,900 per EH/s, the bank noted.
IREN (IREN) outperformed the group with a 37% rise, and Bitfarms (BITF) underperformed with an 8% decline, JPMorgan said.
Seven of the thirteen bitcoin mining companies that the bank tracks outperformed bitcoin last month, the report added.
Read more: Bitcoin Mining Profitability Fell in April as Network Hashrate Rose: Jefferies
Read MoreCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data[#item_full_content]
Bitcoin continues to face strong resistance as bulls struggle to reclaim higher price levels and…
The Bitcoin price has surged towards the $80,000 mark over the past few weeks, signaling…
Crypto analyst Gargoyle has advised market participants not to buy Bitcoin until it sees high…
The token jumped 5% after a Senate committee moved the market-structure bill forward, reviving hopes…
Bitcoin’s price performance in the last week saw a slowdown to the asset’s relief rally…
A long-skewed liquidation cascade flushed leverage across the major tokens overnight, with the move tracking…