Key Takeaways:

• JPMorgan reports that bitcoin mining profits improved markedly last month.
• The total market capitalization of 13 tracked mining companies rose by almost 19% compared to April.
• Daily gross profit from block rewards surged by 36% during the same period.

The total market cap of the 13 U.S.-listed miners tracked by JPMorgan increased nearly 20% in May, attributed to a rise in bitcoin price, which is currently at $104,259.52, and enhanced mining profitability, as detailed in Monday’s research report.

The Bitcoin network’s hashrate also saw an increase, averaging 897 EH/s in May—up by approximately 25 EH/s.

Additionally, it is estimated that bitcoin miners earned an average of $51,600 per EH/s in daily block reward revenue, reflecting a 16% increase from April. Gross profits for daily block rewards reached approximately $27,900 per EH/s, indicating a notable monthly increase.

JPMorgan noted that seven out of the thirteen bitcoin mining firms exceeded bitcoin’s performance last month. Also worth mentioning are the performances of IREN with a 37% rise and Bitfarms with a 8% decline.

Read more: Bitcoin Mining Profitability Fell in April as Network Hashrate Rose: Jefferies