Bitcoin (BTC) mining profitability has shown further improvement in December, with the hashprice—a measure of daily miner revenue—rising by 5% since late November, according to a JPMorgan (JPM) research report released on Monday.

The report highlighted that Bitcoin’s price surge has outpaced the growth in the network hashrate, which serves as an indicator of mining competition and difficulty. The global network hashrate increased by 6% month-to-date, averaging 773 exahashes per second (EH/s).

“Miners earned approximately $57,300 in daily block rewards per EH/s during the first two weeks of December,” wrote analysts Reginald Smith and Charles Pearce. They noted that this is the highest revenue level seen in seven months but remains about 40% lower than pre-halving figures.

The collective hashrate of 14 U.S.-listed mining companies tracked by the bank has surged by nearly 94% this year, reaching 222 EH/s and now representing approximately 29% of the global network capacity.

Despite advancements in operational output, the total market value of these publicly traded miners has declined by 4%, or $1.5 billion, this month, following a 50% increase post-U.S. presidential election results.

JPMorgan’s analysis suggests that U.S.-listed miners are currently trading at roughly double their proportional share of the four-year block reward potential, signaling elevated investor confidence and expectations for future growth in the sector.