JPMorgan said Bitcoin’s network hashrate surged to an all-time high in August, averaging 949 exahashes per second (EH/s) after climbing about 50 EH/s during the month. The record reflects intensifying mining competition and rising network difficulty.
The combined market capitalization of 13 U.S.-listed bitcoin miners tracked by the bank also hit a record, jumping 23% — or $7.4 billion — from July. TeraWulf led gains with an 83% rise following a colocation deal with Fluidstack, while IREN expanded its GPU fleet. Greenidge Generation fell 22%.
Despite stronger valuations, profitability weakened as bitcoin prices slipped. JPMorgan analysts Reginald Smith and Charles Pearce estimated average miner revenues at $55,100 per EH/s in daily block rewards, down 4% from July, while gross profit dropped 7% to $31,900 per EH/s.
