Wall Street bank JPMorgan (JPM) said in a report on Thursday that the Bitcoin network’s hash rate has declined modestly in the first two weeks of October, dropping from 5 exahashes per second (EH/s) to an average of 1,030 EH/s.
The decline in hashrate follows consecutive highs seen in August and September.
The U.S.-listed miners tracked by the bank currently make up about 38% of the global network.
Hashrate refers to the total computational power used to mine and process transactions on a proof-of-work blockchain, and represents industry competition and mining difficulty.
“The HPC frenzy continued through the first two weeks of October, with the combined market capitalization of the 14 Bitcoin miners and data center operators we follow reaching $79 billion,” analysts Reginald Smith and Charles Pearce wrote.
According to the report, miners are earning around $52,500 in daily block reward income per EH/s, up 6% since the end of September, while hash price, a measure of daily mining profitability, has fallen by 7%.
The market capitalization of the 14 U.S.-listed Bitcoin miners covered by the bank increased by 41% from the end of last month to a record high of $79 billion. All of these companies outperformed BTC during the period.
BitFarms (BITF) outperformed with a 129% gain, while Cango (CANG) underperformed the group with a 3% gain, the report added.
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