JPMorgan’s latest analysis shows that the total market value of 13 U.S.-listed Bitcoin mining companies tracked by the bank rose by nearly 20% in May. This boost paralleled a strong Bitcoin (BTC) price upswing and improved profitability within the mining sector.

During the month, the Bitcoin network’s hashrate—which measures the combined computational power used to secure and process transactions on the proof-of-work blockchain—increased by about 25 exahashes per second (EH/s), reaching an average of 897 EH/s. A rising hashrate generally indicates intensified mining activity and higher network difficulty.

Analysts Reginald Smith and Charles Pearce from JPMorgan reported that mining profitability saw a substantial uplift, with miners earning an estimated $51,600 per EH/s in daily block reward revenue, a 16% increase from April’s figures.

Additionally, the gross daily block reward profit surged 36% month-over-month to $27,900 per EH/s, signaling stronger earnings for mining operations.

Among the companies monitored, IREN (IREN) posted the highest market cap growth at 37%, while Bitfarms (BITF) saw an 8% decrease. Notably, seven out of the thirteen tracked mining firms outperformed Bitcoin’s price gains in May, according to the report.