Bitcoin Hashrate Pauses as U.S. Miners Reach $79 Billion
The Bitcoin network hashrate dipped slightly in the first two weeks of October, falling 5 exahashes per second (EH/s) to an average of 1,030 EH/s, according to a JPMorgan (JPM) report Thursday. This pullback comes after record highs in August and September, marking a brief slowdown in mining activity.
The 14 U.S.-listed bitcoin miners tracked by JPMorgan now represent roughly 38% of the global network. Their combined market capitalization surged 41% from the end of September, hitting a record $79 billion, reflecting continued investor confidence in the sector.
Mining Revenue and Profitability
Miners earned about $52,500 per EH/s in daily block rewards, up 6% from late September. However, the hashprice, which measures mining profitability per unit of computational power, fell 7%, suggesting slightly lower returns despite higher overall revenue.
Performance of U.S. Miners
All 14 tracked miners outperformed Bitcoin over the period. Bitfarms (BITF) led the gains with a 129% increase, while Cango (CANG) recorded the smallest rise at 3%, according to JPMorgan.
The hashrate reflects the total computing power securing the Bitcoin blockchain and serves as a gauge of competition and mining difficulty. Despite the early October dip, U.S. miners continue to demonstrate strong growth and market resilience.
