Bitcoin A report from JPMorgan Chase (JPM) on Monday showed that mining profitability fell for a fourth consecutive month in November.
Daily block reward gross profits also fell 26% from last month, analysts Reginald Smith and Charles Pearce wrote.
According to the report, the Bitcoin network hash rate fell by 1% in November to an average of 1,074 exahash per second (EH/s) after hitting a record high in October.
“In November, Bitcoin miners’ average daily block reward revenue per EH/s was $41,400, down 14% from October and down 20% year-over-year,” the analysts wrote.
Computing power refers to the total computing power used to mine and process transactions on the proof-of-work blockchain, and is an indicator of industry competition and mining difficulty.
The combined market value of the 14 leading U.S. miners tracked by the bank fell 16% month-on-month to $59 billion.
Cipher Mining (CIFR) outperformed the group with a 9% gain on the back of its recent Fluidstack trade.
Bitdeer (BTDR) underperformed, falling 40%, the report added.
Read more: Bitcoin miners Cipher and CleanSpark upgraded by JPMorgan as HPC transformation accelerates
