JPMorgan reported Friday that Bitcoin mining profitability saw a significant boost in May. The hashprice, a metric for daily mining profitability, increased by 13% compared to April. This rise is attributed to the increase in the price of Bitcoin.
The Bitcoin network hashrate also rose by 2% in the first two weeks of May, averaging 885 exahashes per second (EH/s). Miners earned approximately $50,100 in daily block reward revenue per EH/s during this period. This represents a 13% increase from the previous month and a 3% year-over-year increase.
U.S.-listed miners now account for about 30.5% of the network hashrate, a 1.1% increase from April. The total market capitalization of 13 U.S.-listed Bitcoin mining stocks tracked by JPMorgan rose by 24%, or $4.6 billion, this month. Bitdeer (BTDR) led the gains with a 43% increase, while Greenidge (GREE) experienced a 5% decline.
This article is based on our author's analysis of materials taken from JPMorgan research report, Friday.