Bitcoin Network Hashrate Increases

The Bitcoin network hashrate rose by 2 exahashes per second (EH/s) in early March, reaching an average of 811 EH/s, according to a research report by Wall Street bank JPMorgan (JPM).

JPMorgan noted that U.S.-listed miners maintained their share of the network hashrate at around 30%.

The hashrate measures the total combined computational power used for mining and processing transactions on a proof-of-work blockchain, serving as a proxy for competition in the industry and mining difficulty.

Analysts Reginald Smith and Charles Pearce stated that the average bitcoin price declined by approximately 10%, impacting mining economics during this period.

The hashprice, which indicates daily mining profitability, remained largely unchanged compared to the end of last month.

Miners earned about $48,300 in daily block reward revenue per EH/s during the first two weeks of March, reflecting an 11% decline from February and a significant 52% drop since last April’s halving event.

The total market cap of the 14 U.S.-listed miners tracked by the bank fell by 13%, equating to around $3 billion from the previous month.

Argo Blockchain (ARGO) showed resilience with a 1% gain, while Cipher Mining experienced a 25% decline. Only one miner in the bank’s coverage outperformed Bitcoin in the same timeframe.

Read more: Bitcoin Mining Economics Weakened in February: JPMorgan