According to JPMorgan’s latest research report, the combined market capitalization of 13 U.S.-listed Bitcoin mining companies tracked by the bank surged nearly 20% in May. This increase coincided with a strong rally in Bitcoin (BTC) prices and improved mining profitability.
The Bitcoin network’s hashrate — a measure of the total computational power used for mining and transaction processing on the proof-of-work blockchain — rose by approximately 25 exahashes per second (EH/s), reaching an average of 897 EH/s last month. A higher hashrate typically signals increased competition and greater mining difficulty within the industry.
JPMorgan analysts Reginald Smith and Charles Pearce noted that mining profitability also saw significant gains in May. They estimated that bitcoin miners earned an average of $51,600 per EH/s in daily block reward revenue, marking a 16% rise compared to April.
Additionally, daily block reward gross profit jumped 36% month-over-month to $27,900 per EH/s, highlighting a sharp boost in miner earnings.
Within the group, IREN (IREN) led the pack with a 37% increase in market cap, while Bitfarms (BITF) lagged behind with an 8% decline. Overall, seven of the thirteen tracked bitcoin mining firms outperformed Bitcoin’s own price gains during May, according to the report.
