Bitcoin Mining Profitability Fell for Third Straight Month in September: JPMorgan

Will Canny is a finance reporter at CoinDesk.n

Daily mining revenue and gross profit fell for a third consecutive month in September, the report said.price and the network hashrate rose slightly in September, while daily mining revenue and gross profit fell for a third straight month, JPMorgan said in a research report Tuesday.

The hashrate rose for the third month in a row, adding 2% from August to 643 exahashes per second .JPMorgan estimated that miners earned an average of $42,100 per EH/s in daily block reward revenue last month, 6% less than the month before. "We estimate daily block reward gross profit declined 6% month on month to $16,100 per EH/s in September, the lowest point on recent record," analysts Reginald Smith and Charles Pearce wrote.The total market cap of the 14 U.S.-listed miners tracked buy the bank rose 4% to $21 billion. Hut 8 outperformed with a 21% gain last month, and CleanSpark was bottom of the pile with a 13% decline.

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