6 months ago
The full hashrate of the U.S.-listed bitcoin (BTC) miners tracked by JPMorgan (JPM) has astir doubled from a twelvemonth agone and present accounts for astir 29% of the planetary network, the slope said successful a study connected Tuesday.
The combined hashrate of the 14 companies "has accrued ~95% y/y to 244 EH/s, versus a 45% summation successful the web hashrate," analysts Reginald Smith and Charles Pearce wrote.
The web hashrate is simply a proxy for contention successful the manufacture and mining difficulty. The Bitcoin web hashrate has risen astir 6% truthful acold this month, and has climbed 45% successful the past 12 months, the study said.
"Average bitcoin terms besides declined modestly from January, pressuring mining economics," the authors wrote.
The hashprice, a measurement of regular mining profitability, dropped 13% from the extremity of January, arsenic the hashrate roseate and the bitcoin terms fell, JPMorgan said.
The slope estimated that miners earned astir $53,600 successful regular artifact rewards this month, 6% little than successful January.
The full marketplace headdress of the bitcoin mining stocks successful the bank's sum was 1% little than the period previous, the study added.
IREN (IREN) outperformed successful the archetypal 2 weeks of February with a 27% gain, the slope noted. Greenidge Generation (GREE) underperformed with a 20% drop.
In a Monday report, broker Bernstein said U.S. bitcoin mining stocks were expanding their stock of the web hashrate.
Read more: U.S.-Listed Bitcoin Miners Are Growing Their Share of the Network Hashrate: Bernstein
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