According to a research report released today by JPMorgan, Bitcoin Mining profitability increased significantly in November, thanks to record prices and rising transaction fees.
However, the bank noted that profitability remained significantly below pre-halving levels.
JPMorgan analysts Reginald Smith and Charles Pearce pointed out miners’ revenue increases throughout the month and said, “We estimate that Bitcoin miners earned an average of $52,000 per EH/s in daily block reward revenue in November, up 24% from October.” The increase in transaction fees following the November 5 presidential election in the United States contributed to what the bank calls “hash price relief.” Hashprice is an important measure of mining profitability that combines block rewards and transaction fees.
The total market value of the 14 publicly traded Bitcoin mining companies under JPMorgan’s coverage rose 52% in November to $36.2 billion.
JPMorgan also reported a 4% month-on-month increase in Bitcoin’s average network hashrate, which reached 731 exahashes per second (EH/s) in November.
The company stated that Bitcoin’s annualized volatility also climbed in November, rising from 42% in October to 62%. This volatility presents both opportunities and challenges for miners, as sudden price fluctuations can significantly impact profitability.
Despite the improvements, the report noted that miners’ gross profits remain approximately 50% below levels seen before Bitcoin’s most recent halving event.
*This is not investment advice.
For exclusive news, analysis and on-chain data Telegram our group, Twitter our account and Youtube Follow our channel now! Moreover Android ve IOS Start live price monitoring now by downloading our applications!
Source: https://www.bitcoinsistemi.com/jpmorgan-son-dalgalanmalarin-ardindan-bitcoin-agi-hakkindaki-yeni-raporunu-yayinladi/
