Bitcoin Network Hashrate Inched Higher in March as Mining Economics Weakened: JPMorgan

The Bitcoin web hashrate roseate 2 exashashes per 2nd (EH/s) successful the archetypal 2 weeks of March, to an mean of 811 EH/s, Wall Street slope JPMorgan (JPM) said successful a probe study Monday.

JPMorgan noted that U.S.-listed miners maintained their stock of the web hashrate astatine astir 30%.

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 "average bitcoin terms declined ~10%, pressuring mining economics successful the period," analysts Reginald Smith and Charles Pearce wrote.

The hashprice, a measurement of regular mining profitability, was broadly unchanged from the extremity of past month, the study noted.

Miners earned astir $48,300 successful regular artifact reward gross per EH/s successful the archetypal 2 weeks of March, a 11% driblet from February, and a 52% diminution since past April's halving event, the slope said.

The full marketplace headdress of the 14 U.S.-listed miners that the slope tracks slipped 13%, oregon astir $3 billion, from the period previous.

Argo Blockchain (ARGO) outperformed with a 1% gain, portion Cipher Mining underperformed with a 25% decline. Only 1 of the miners successful the bank's sum outperformed bitcoin successful the aforesaid period, the study added.

Read more: Bitcoin Mining Economics Weakened successful February: JPMorgan