in the first half of November Bitcoin (BTC) 
$91,409 mining profitability increased significantly. According to JPMorgan’s report, the hashrate price increased by 29 percent. This increase in hashrate price occurred due to the rally in Bitcoin’s price and the increase in the share of transaction fees in the block reward. The market value of mining companies increased by 33 percent, with an increase of approximately 8 billion dollars. Mining companies listed in the USA maintain their shares at record levels, accounting for 28 percent of the global hashrate.
Increase in Bitcoin Hashrate
Showing the total processing power of the Bitcoin network hashrateIt increased by 2 percent in November, reaching 718 EH/s. JPMorgan analysts noted that Bitcoin’s recent rally has increased mining profitability, with transaction fees on the network accounting for a larger portion of the block reward.
JPMorgan analysts Reginald Smith And Charles PearceHe emphasized that the increase in revenues of mining companies is directly linked to the rise in the price of Bitcoin. In addition, the hashrate share of 14 US-based mining companies in the global network remained stable at record levels, rising to 28 percent.
The increase in hashrate increases competition in the industry and mining difficulty. However, the increase in transaction fees is an important factor supporting miners’ income. Market optimism and price rally in early November created a more positive tone across the industry.
Mining Revenues Dropped in October
In October, Bitcoin mining revenues fell for the fourth consecutive month. JPMorganAt that time, it reported that daily mining revenues decreased by 1 percent to 41 thousand 800 dollars per EH/s and gross profits decreased by 2 percent. However, the increase in the ratio of transaction fees to block rewards up to 60 percent has partially reduced the pressure of miners on the hash price. The monthly average hashrate increased by 9 percent in October, reaching 702 EH/s, breaking a new record.
Recovery started in November Bitcoin mining It gave a new impetus to the economy. JPMorgan continues to closely monitor the increasing influence of US-based miners and changes in the global industry.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
