The overall market cap of the 13 U.S.-listed miners that JPMorgan tracks rose nearly 20% in Could, as bitcoin
rallied and mining profitability elevated, the financial institution mentioned in a analysis report Monday.
The Bitcoin community hashrate rose about 25 exahashes per second (EH/s) to a mean of 897 EH/s final month, in line with the report.
The hashrate refers back to the complete mixed computational energy used to mine and course of transactions on a proof-of-work blockchain, and is a proxy for competitors within the business and mining problem.
Mining profitability improved in Could. The financial institution estimated that “bitcoin miners earned a mean of $51,600 per EH/s in each day block reward income in Could, up 16% from April,” analysts Reginald Smith and Charles Pearce wrote.
Each day block reward gross revenue additionally elevated considerably, leaping 36% month-on-month to $27,900 per EH/s, the financial institution famous.
IREN (IREN) outperformed the group with a 37% rise, and Bitfarms (BITF) underperformed with an 8% decline, JPMorgan mentioned.
Seven of the 13 bitcoin mining corporations that the financial institution tracks outperformed bitcoin final month, the report added.
Learn extra: Bitcoin Mining Profitability Fell in April as Community Hashrate Rose: Jefferies
