Bitcoin Hashrate Pauses as U.S. Miners Reach Record $79B Market Cap
The Bitcoin network hashrate eased slightly in the first two weeks of October, dropping 5 exahashes per second (EH/s) to an average of 1,030 EH/s, according to a JPMorgan (JPM) report Thursday. The decline follows record highs in August and September, signaling a temporary slowdown in mining activity.
The 14 U.S.-listed bitcoin miners tracked by the bank now account for roughly 38% of the global network, and their combined market capitalization jumped 41% month-over-month to a record $79 billion, reflecting strong investor confidence in the sector.
Mining Profitability Trends
Miners earned around $52,500 per EH/s in daily block rewards, a 6% increase from the end of September. However, the hashprice, a key measure of daily mining profitability, fell 7%, indicating slightly lower efficiency despite higher revenue per computational power.
Performance Highlights of U.S. Miners
All tracked miners outperformed Bitcoin during the period. Bitfarms (BITF) led the gains with a 129% jump, while Cango (CANG) posted the smallest increase at 3%, according to JPMorgan.
The hashrate represents the total computing power used to mine and process transactions on the Bitcoin blockchain, serving as a gauge for competition and mining difficulty. Despite the early October dip, U.S. miners continue to demonstrate strong growth and resilience in the market.
