JPMorgan’s latest report highlights a nearly 20% increase in the combined market capitalization of 13 U.S.-listed Bitcoin mining companies during May. This rise coincided with a strong upward movement in Bitcoin (BTC) prices and improved profitability in mining operations.
The Bitcoin network’s hashrate—the total computational power securing and processing transactions on the blockchain—grew by roughly 25 exahashes per second (EH/s), reaching an average of 897 EH/s last month. This increase suggests heightened competition and mining difficulty.
JPMorgan analysts Reginald Smith and Charles Pearce noted that mining profitability saw a marked improvement in May, with miners earning approximately $51,600 per EH/s in daily block reward revenue, up 16% from April.
In addition, gross daily block reward profits rose 36% month-over-month to $27,900 per EH/s, indicating a significant boost in miner income.
Among the companies tracked, IREN (IREN) experienced the largest market cap growth at 37%, while Bitfarms (BITF) recorded an 8% drop. Overall, seven of the thirteen mining firms outperformed Bitcoin’s price gains in May, according to JPMorgan’s findings.
