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