Bitcoin Mining Revenue Continues Downward Trend, Says JPMorgan

According to a JPMorgan report, in September the average Bitcoin (BTC) price and network mining rate rose slightly, while daily mining revenue and gross profits declined for the third consecutive month.

The hashrate increased by 2% compared to August, reaching 643 exahash per second (EH/s), indicating the total computing power used for mining and transaction processing in the PoW blockchain.

JPMorgan calculated that miners received an average of $42,100 in daily revenue per EH/s in pay last month, marking a 6% decline from the previous month. Analysts Reginald Smith and Charles Pierce noted that daily gross blockchain reward revenue also fell 6% month-over-month to $16,100 per EH/s, reflecting a gross margin of 38.4%, the lowest on recent records.

Transaction fees remained low, accounting for less than 5% of blockchain remuneration. The total market capitalization of the 14 miners listed in the U.S. and monitored by the bank increased 4%, reaching $21 billion.

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Hut 8 (HUT) led the group with a 21% increase, while CleanSpark (CLSK) saw the steepest decline at 13%. Additionally, Bitcoin’ s year-to-date volatility declined to 44%, down from 62% in August.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.