The Bitcoin Network’s hashrate rose to 2 seconds per second (EH/s) in the first two weeks of March, with an average of 811 EH/s, Wall Street Bank JPMorgan (JPM) said in its investigation report on Monday.
Jpmorgan noted that registered US miners maintain a share of the network hashrate at around 30%.
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.
Analysts Reginald Smith and Charles Pierce wrote, “The average Bitcoin price fell by about 10%, putting pressure on mining economics during that period.”
Hashpris, a measure of daily mining profitability, has remained little different since the end of last month, the report says.
Miners have fallen by 11% since February in daily block compensation revenue per EH/s in the first two weeks of March, the bank said, down 52% since last April.
The total market capitalization of 14 US list miners whose bank tracking slips 13%, or about $3 billion, from the previous month.
The Argo blockchain (Argo) outperformed with a gain of 1%, while crypto mining suffered a 25% drop in performance. Only one miner within the bank’s coverage exceeded Bitcoin in the same period, the report added.
read more: Bitcoin Mining Economics weakened in February: JPMorgan
