Overview

A recent report from JPMorgan reveals that the contribution of U.S.-listed bitcoin miners to the global hashrate has surged to 29%, nearly double the level from a year ago. The total hashrate is estimated to have risen by 6% this month, along with a significant year-over-year increase of approximately 95%.

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Key Findings

• The bitcoin mining companies tracked by the bank showed a 9% increase in daily mining profitability from the previous month.
• The authors of the report, Reginald Smith and Charles Pearce, pointed out that while this is a positive shift, average bitcoin prices have seen a modest decline from January, complicating mining economics.

Impact of Market Trends

• The hashprice metric that indicates profitability for miners has decreased by 13% since January’s end due to rising hashrate and falling bitcoin prices.
• Total daily earnings from block rewards are similar to the prior month, although down by 6%. The market cap for the stocks covered by JPMorgan is approximately 1% lower than the last report.

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Summary

The U.S. bitcoin miners have significantly increased their presence in the global market, according to JPMorgan’s insights on mining statistics, market dynamics, and price influences.