Bitcoin Network Hashrate Increases 2% in Early May as Miner Margins Improve, JPMorgan Says
JPMorgan reported a 2% rise in the Bitcoin network hashrate during the first two weeks of May, reaching an average of 885 exahashes per second (EH/s).
The hashrate measures the total computing power used to mine and validate transactions on Bitcoin’s proof-of-work blockchain, serving as an indicator of mining activity and network security.
Alongside the hashrate growth, mining profitability improved thanks to a rising bitcoin price, currently around $104,737.33, and expanding gross margins, according to JPMorgan’s research note.
The hashprice, which reflects daily mining revenue per EH/s, increased 13% from April, a positive sign for miners.
Analysts Reginald Smith and Charles Pearce wrote, “Miners earned approximately $50,100 in daily block reward revenue per EH/s over the first two weeks of May, a 13% increase month-over-month and a 3% gain year-over-year.”
U.S.-listed miners preserved their share of the network hashrate, accounting for about 30.5%, up 1.1% from April.
The market capitalization of the 13 U.S.-listed bitcoin mining stocks tracked by JPMorgan rose 24% in May, adding roughly $4.6 billion.
Bitdeer (BTDR) posted a 43% gain, outperforming the sector, while Greenidge (GREE) declined 5%, the report said.
