Crypto/Market Analysis/Mining
Bitcoin's Network Hashrate Rose in March Amid Weaker Mining Economics
A new report highlights the resilience of U.S.-listed miners in the Bitcoin network as hashrate continues to increase despite declining prices.
1 min read
Overview
The Bitcoin network hashrate increased by 2 exahashes per second (EH/s) in the first half of March, reaching an average of 811 EH/s, according to a research report by Wall Street bank JPMorgan.
Key Insights
- U.S.-listed miners maintained their share of the network hashrate at about 30%.
- A 10% decline in the average Bitcoin price impacted mining economics during this period.
Additional Findings
- The hashprice remained largely unchanged from the end of the previous month.
- Miners reportedly earned approximately $48,300 in daily block reward revenue per EH/s during these two weeks, marking an 11% decrease from February and a 52% drop since last April’s halving event.
- The total market capitalization of the 14 U.S.-listed miners tracked by JPMorgan decreased by $3 billion, or 13% from the previous month.
Read more: Bitcoin Mining Economics Weakened in February: JPMorgan
