Bitcoin mining economics saw a notable improvement in the first half of November, with hashprice climbing 29% since the end of October, according to JPMorgan’s latest research.
This rise in hashprice, which tracks mining profitability, was driven by bitcoin’s price rally outpacing the increase in network hashrate, alongside a higher percentage of transaction fees contributing to the block reward, analysts Reginald Smith and Charles Pearce reported.
The total market capitalization of mining stocks followed suit, rising by 33%—roughly $8 billion—between October 31 and November 15. This growth was spurred by the surge in bitcoin’s price, which jumped as much as 30% after Donald Trump’s election victory, triggering broader optimism in the crypto market.
The network hashrate also increased by 2% month-to-date, averaging 718 exahashes per second (EH/s). Hasrate refers to the computational power involved in mining and processing transactions, indicating greater competition and mining difficulty.
JPMorgan’s report highlighted that the 14 U.S.-listed mining companies it tracks now control about 28% of the global network hashrate, maintaining their share at record highs. This uptick in both mining economics and stock valuations reflects a reinvigorated mining sector following a challenging period.
