According to a recent JPMorgan report, the total market value of 13 U.S.-listed Bitcoin miners rose by almost 20% in May due to an increase in Bitcoin's price, which reached $103,857.53. The report noted that the Bitcoin network’s hashrate climbed to an average of 897 exahashes per second (EH/s), a key indicator of the mining industry's competitiveness and difficulty.
May marked a turn in mining profitability; miners reportedly earned an average of $51,600 per EH/s in daily block reward revenue, reflecting a 16% rise from April. The gross profit from daily block rewards jumped 36% month-over-month to $27,900 per EH/s. Notably, the miner IREN posted a 37% price increase, while Bitfarms experienced an 8% decline. The report highlighted that seven of the thirteen tracked miners outperformed Bitcoin’s performance last month.
May marked a turn in mining profitability; miners reportedly earned an average of $51,600 per EH/s in daily block reward revenue, reflecting a 16% rise from April. The gross profit from daily block rewards jumped 36% month-over-month to $27,900 per EH/s. Notably, the miner IREN posted a 37% price increase, while Bitfarms experienced an 8% decline. The report highlighted that seven of the thirteen tracked miners outperformed Bitcoin’s performance last month.
