The market capitalization of 14 US List Bitcoin (BTC) miners tracked by JPMorgan (JPM) fell 25% in March.
Last month, only the Stocks of Base Digital Mining (SDIG) (SDIG) and Outperform Bitcoin (BTC) mentioned it. Miners with high performance computing (HPC) exposure have not performed pure play miners for the second consecutive month.
“We note that today’s ratings have been at the lowest level compared to block rewards since the fall of FTX in 2023,” writes analysts Reginald Smith and Charles Pierce.
According to the report, the average network was higher to 816 exahashes (EH/s) that month. Hashrate refers to the total computing power used to mine and process transactions on the Proof of Work Blockchain, a proxy for competition and mining difficulties in the industry.
Both mining revenue and profitability declined.
“Bitcoin Miner estimates that it averaged $47,300 per EH/s in its daily block compensation revenue in March. The daily block compensation total profit fell 22% per month to $23,000 per EH/s.
Stronghold Digital fell 2% last month over the sector. Crypto Mining (CIFR) performed poorly in a slump of 45%.
read more: Bitcoin network hashrates increased in March as mining economics weakened: JPMorgan
