JPMorgan Says Bitcoin Hashrate Fell 3% in June Due to Heatwave-Driven Mining Cuts
Bitcoin’s network hashrate dropped about 3% in June, according to a research note published Tuesday by JPMorgan (JPM).
The hashrate, which measures the total computing power securing Bitcoin’s proof-of-work network and verifying transactions, is tracked in exahashes per second (EH/s). It’s a key indicator of mining activity and competition levels across the network.
“The decline seems largely tied to seasonal weather disruptions in the U.S.,” wrote JPMorgan analysts Reginald Smith and Charles Pearce. They noted that mining companies such as Cipher, IREN, and Riot collectively operate over 80 EH/s in Texas—a region impacted by the recent heatwave.
Despite the lower hashrate, bitcoin mining profitability saw gains. JPMorgan estimated that miners earned an average of $55,300 in daily block rewards per EH/s during June, representing a 7% increase compared to April.
Gross daily profits from block rewards rose 13% month-over-month, reaching their highest level since January, the report indicated.
At the same time, the total market capitalization of 13 publicly traded U.S.-based bitcoin miners tracked by JPMorgan jumped 23% in June, translating into about $5.3 billion in additional market value.
Miners involved in high-performance computing (HPC) outperformed those focused solely on bitcoin mining, driven by speculation about a potential partnership between Core Scientific (CORZ) and CoreWeave (CRWV).
