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Bitcoin (BTC) mining companies with high-performance computing (HPC) vulnerability underperformed the world's largest cryptocurrency for the 3rd period successful a enactment successful April, Wall Street slope JPMorgan said successful a probe study connected Thursday.
Some bitcoin miners person pivoted into caller concern areas, specified arsenic offering HPC services to the accelerated increasing artificial quality (AI) market, to trim their dependence connected crypto.
"We enactment miners with HPC vulnerability (IREN, RIOT, WULF, HUT) underperformed BTC show for the 3rd consecutive month," analysts Reginald Smith and Charles Pearce wrote.
Mining profitability fell successful April arsenic the web hashrate increased.
Daily artifact reward gross declined 6% from March, the slope said, portion the monthly mean hashrate roseate astir 56 exahashes per 2nd (EH/s), oregon 6% month-on-month, to 872 EH/s successful April.
"This was the 2nd largest sequential summation successful the monthly mean web hashrate connected record," the authors wrote.
The hashrate refers to the full combined computational powerfulness utilized to excavation and process transactions connected a proof-of-work blockchain, and is simply a proxy for contention successful the manufacture and mining difficulty.
The full marketplace headdress of the 13 U.S.-listed mining stocks that the slope tracks accrued 12% from March.
Greenidge (GREE) was a notable outperformer successful April with a 46% gain.
Read more: Bitcoin Miner 1Q Results May Disappoint arsenic Hashprice Fell, Tariffs Hit: CoinShares
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