Bitcoin Hashrate and U.S. Mining Stocks Hit New Highs in August, JPMorgan Reports
The Bitcoin network’s hashrate surged to record levels in August, averaging 949 exahashes per second (EH/s) after climbing by about 50 EH/s during the month, according to a JPMorgan research note on Tuesday. The rise reflects intensifying competition among miners and greater network security.
At the same time, the combined market capitalization of the 13 U.S.-listed bitcoin miners tracked by the bank reached an all-time high, rising 23% — about $7.4 billion — from July. TeraWulf (WULF) outperformed with an 83% gain after announcing a colocation deal with Fluidstack, while IREN (IREN) expanded its GPU fleet. Greenidge Generation (GREE), however, underperformed, falling 22%.
Despite the strength in equities and hashrate, profitability slipped as bitcoin’s price retreated. Analysts Reginald Smith and Charles Pearce estimated that miners earned $55,100 per EH/s in daily block rewards in August, down 4% from July. Gross profit fell 7% to $31,900 per EH/s.
The report highlights a mixed environment: stronger valuations and record computing power, but tighter margins as competition and weaker prices weigh on earnings.
