Bitcoin Network Hashrate and U.S.-Listed Miners Hit Records in August, JPMorgan Says

The Bitcoin network’s hashrate climbed back to all-time highs in August, averaging 949 exahashes per second (EH/s) after a monthly increase of about 50 EH/s, JPMorgan said in a Tuesday research note.

Hashrate, which measures the total computing power securing the blockchain, is widely seen as a barometer for mining competition and network security.

The strength in network activity coincided with record valuations for publicly traded miners. The combined market capitalization of the 13 U.S.-listed bitcoin mining companies tracked by JPMorgan surged 23% last month — an increase of $7.4 billion — to its highest level on record.

High-performance computing (HPC) strategies played a role, the bank noted. TeraWulf (WULF) announced a colocation agreement with Fluidstack, while IREN (IREN) expanded its GPU fleet. TeraWulf led the group with an 83% monthly gain, while Greenidge Generation (GREE) lagged with a 22% decline.

Despite sector-wide strength, profitability slipped as bitcoin’s price softened. Analysts Reginald Smith and Charles Pearce estimated miners earned an average of $55,100 per EH/s in daily block rewards during August, down 4% from July. Gross profit per EH/s also declined, falling 7% to $31,900.

The report underscores a mixed outlook: record network power and market caps for miners, but tighter profit margins as competition rises and bitcoin prices consolidate.