Market capitalization of 13 US list miners tracking JPMorgan trucks rose nearly 20% in May for Bitcoin
BTC$104,157.04
The bank said in its investigation report on Monday that its gatherings and mining had increased profitability.
According to the report, the Bitcoin Network’s hashrate rose to around 25 seconds (EH/S) to an average of 897 EH/s last 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.
The profitability of the mining industry improved in May. The bank estimated that “Bitcoin miners averaged $51,600 per EH/s in daily block reward revenue in May, an increase of 16% since April.”
The gross profits from daily block compensation also increased significantly, bounced back 36% to $27,900 per EH/S per month, the bank said.
Iren (Iren) outperformed the group with a 37% increase, while BitFarms (BITF) reduced performance by 8%, JPMorgan said.
Seven of the 13 Bitcoin mining companies that banks outpaced Bitcoin last month, the report added.
read more: Bitcoin mining profitability declined in April as network hashrate rose: Jeffrey’s
