In October, daily bitcoin mining revenues and gross profits continued to decline for the fourth consecutive month, according to a report from JPMorgan.
- Daily block reward gross profits reached the lowest recorded point.
- Mining difficulty hit an all-time high in October.
The bank estimated that miners earned an average of $41,800 per exahash per second (EH/s) in daily block reward revenue, which is a 1% drop compared to September. The decline in profitability is notable, with the bank reporting a 2% decrease in daily block reward gross profit, marking a recent low point.
However, there was a positive uptick as transaction fees rose to comprise up to 60% of the block reward towards the month's end, offering some relief in hashprice. The Bitcoin network's average hashrate surged to a record 702 EH/s in October, reflecting a substantial increase of 9% from the previous month. Analysts Reginald Smith and Charles Pearce emphasized this trend in their analysis.
