2 months ago
The full marketplace headdress of the 14 U.S.-listed bitcoin (BTC) miners tracked by JPMorgan (JPM) dropped 25% successful March, the third-worst monthly show connected record, the Wall Street slope said Tuesday.
Only 1 stock, Stronghold Digital Mining (SDIG), outperformed bitcoin (BTC) past month, the study noted. Miners with precocious show computing (HPC) vulnerability underperformed pure-play miners for the 2nd period successful a row.
"We enactment valuations contiguous are astatine the lowest levels comparative to the artifact reward since the collapse of FTX successful the Fall of 2023," analysts Reginald Smith and Charles Pearce wrote.
The mean web hashrate inched higher during the period to 816 exahashes per 2nd (EH/s), the study said. The hashrate refers to the full combined computational powerfulness utilized to excavation and process transactions connected a proof-of-work blockchain, and is simply a proxy for contention successful the manufacture and mining difficulty.
Mining gross and profitability some fell.
"We estimation bitcoin miners earned an mean of $47,300 per EH/s successful regular artifact reward gross successful March, down 13% from February," the slope said. Daily artifact reward gross nett dropped 22% month-on-month to $23,000 per EH/s.
Stronghold Digital outperformed the assemblage past period with a 2% decline. Cipher Mining (CIFR) underperformed with a 45% slump.
Read more: Bitcoin Network Hashrate Inched Higher successful March arsenic Mining Economics Weakened: JPMorgan
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