Bitcoin (BTC) miners’ daily revenue and gross profit increased for the second consecutive month in December, reaching the highest levels since April, JPMorgan (JPM) said in a research report released Monday.
Mining profitability increased as the world’s largest cryptocurrency rally continued to outpace network hash rate growth, the bank noted.
JPMorgan estimated that Bitcoin miners earned an average of $57,100 per exahash per second (EH/s) in daily block reward revenue last month, 10% more than in November.
However, “daily revenue and gross profit per EH/s are still 43% and 52% below pre-halving levels, respectively,” wrote analysts Reginald Smith and Charles Pearce.
The network’s hash rate increased 6% in December to an average of 779 EH/s, according to the report. Hash rate refers to the total combined computing power used to mine and process transactions on a proof-of-work chain. blocks.
Mining difficulty increased 7% from the previous month and is now 27% higher than before the reward halving event in April, the bank said. The hashrate increased by 54% in 2024, less than the 103% increase in 2023.
The total market capitalization of the 14 publicly traded Bitcoin miners the bank tracks declined 23% to $28 billion in December. This figure increased by 52% in November.
TeraWulf (WULF) was the only miner to outperform Bitcoin last year, gaining 136%, according to the report. Bitcoin soared about 120%.
Related: Bitcoin Miners Expected to Be Profitable in December, Jefferies Says
