Will Canny is a finance reporter at CoinDesk.n
The aggregate market cap of the U.S.-listed bitcoin miners tracked by the bank fell 15% last month, JPMorgan said."We estimate bitcoin miners earned an average of $43,600 per EH/s in daily block reward revenue in August, the lowest point on record," analysts Reginald Smith and Charles Pearce wrote.
That compares with a peak value of $342,000 in November 2021, when the BTC price was $60,000 and the network hashrate was 161 EH/s. Mining stocks declined as the average price of the world's largest cryptocurrency fell for the third consecutive month and the network hashrate rose.The total market cap of the 14 U.S.-listed miners tracked by the bank shrank 15% month-on-month to $20 billion, with only three of the miners outperforming bitcoin in the period, the report said.
The network hashrate, a proxy for competition in the industry and mining difficulty, increased for the second straight month, the bank noted."The network hashrate averaged 631 EH/s in August, up 16 EH/s from last month, and about 20 EH/s below prehalving levels," the authors wrote. There was a brief spike in transaction fees in August, to as much as 120% of the block reward, which is an"incremental positive" for the miners, the report added.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.
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