Bitcoin Mining Profitability Falls for Fourth Consecutive Month in November: JPMorgan

Bitcoin mining profitability declined for the fourth straight month in November, according to a Monday report by JPMorgan (JPM).

Analysts Reginald Smith and Charles Pearce noted that daily block reward gross profits dropped 26% compared with October. The Bitcoin network hashrate also fell 1% to an average of 1,074 exahashes per second (EH/s) in November, following a record high in October.

“Bitcoin miners earned an average of $41,400 per EH/s in daily block reward revenue in November, down 14% from October and 20% year-over-year,” the analysts wrote.

The hashrate measures the total computational power used to mine and process transactions on a proof-of-work blockchain, serving as a proxy for network competition and mining difficulty.

The combined market capitalization of the fourteen U.S.-based miners tracked by JPMorgan fell 16% month-on-month to $59 billion. Among the group, Cipher Mining (CIFR) outperformed with a 9% gain, boosted by its recent Fluidstack deal, while Bitdeer (BTDR) lagged with a 40% decline.