Bitcoin Miners Face Revenue and Profit Decline in February, JPMorgan Reports

JPMorgan reported a challenging February for Bitcoin miners, noting declines in both revenue and profit. The total market capitalization of 14 publicly-listed U.S. miners tracked by JPMorgan fell by 22% during the month, influenced by a drop in Bitcoin's price and increased pressure on mining economics. Specifically, daily block reward revenue for miners averaged $54,300 per EH/s in February, a 5% decrease from January. Gross profit also fell by 9% month-over-month, reaching $29,500 per EH/s. The average network hashrate increased by 3% to 810 EH/s, while mining difficulty rose 2% from January, now standing 28% higher than before the April halving event, according to the report.