WULF - Bitcoin's Hashrate Up 80% From Last Year As Mining Profitability Improves Says JPMorgan | Benzinga
A JPMorgan Chase and Co. analyst note on Monday pointed out that despite Bitcoin (CRYPTO: BTC) prices hitting record highs in March, the performance of mining stocks has been more volatile.
What Happened: JPMorgan analyst Reginald Smith pointed out that Bitcoin’s price soared to an average daily price of approximately $67,600 in March.
This 37% increase from February’s average came with a notable increase in the network’s hash rate—a measure of the computational power per second used when mining and processing Bitcoin transactions—to 600 Exahashes per second (EH/s), up 23 EH/s from February and 80% year-over-year, indicating increased competition.
Mining profitability improved, with miners earning an average of 100,400 per EH/s in daily block reward revenue, the highest since August 2022, as bitcoin ...