Time:2024-11-19 Click:648
According to CoinDesk: Bitcoin mining economics saw a significant boost in the first half of November, with the hashprice—a key measure of mining profitability—rising 29% since the end of October, according to a JPMorgan research report.
The hashprice increase was driven by Bitcoin's price rally outpacing network hashrate growth and an uptick in transaction fees as a percentage of block rewards, analysts Reginald Smith and Charles Pearce noted. Bitcoin surged 30% to record highs following Donald Trump’s U.S. presidential election victory earlier this month, fueling broader crypto market optimism.
The total market capitalization of mining stocks tracked by JPMorgan climbed by 33%, or approximately $8 billion, between Oct. 31 and Nov. 15. U.S.-listed Bitcoin miners now represent 28% of the global network, maintaining their record-high share of the network hashrate, which increased 2% month-to-date to an average of 718 exahashes per second (EH/s).
Market Cap Growth: U.S.-listed miners saw their combined market cap grow to reflect increased investor confidence and improved profitability.
Network Hashrate: The rise in hashrate highlights intensified competition among miners and reflects a higher difficulty level in mining operations.
Global Mining Footprint: With 28% of the global hashrate, U.S. miners continue to dominate the industry, reinforcing their leadership in the Bitcoin mining ecosystem.
This surge in mining profitability underscores Bitcoin’s growing appeal as a financial asset, buoyed by favorable macroeconomic trends and political developments in the U.S.
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