Bitcoin mining profitability saw an increase in November, according to a report from JPMorgan. The total market cap of the 14 bitcoin miners tracked by the bank jumped by 52% compared to October.

In November, daily mining revenue and gross profit for Bitcoin (BTC) rose as the cryptocurrency hit record highs. However, these figures are still about 50% lower than what we saw before the last halving event. This information comes from a research report released on December 2, 2024.

JPMorgan analysts, Reginald Smith and Charles Pearce, estimated that bitcoin miners earned an average of $52,000 per exahash per second (EH/s) in daily block reward revenue during November. That’s a 24% increase from October. The report highlighted a spike in transaction fees on the network after the U.S. presidential election on November 5. This spike provided some relief in mining profitability, which is measured by the hashprice.

The report also stated that the market cap of the 14 publicly listed bitcoin miners tracked by JPMorgan surged to $36.2 billion in November. Additionally, the average network hashrate increased by 4% month-on-month, reaching 731 EH/s. Meanwhile, mining difficulty rose by 7% compared to October.

Hashrate refers to the total computational power used for mining and processing transactions on a proof-of-work blockchain. It serves as an indicator of competition in the industry and the associated mining difficulty. Furthermore, Bitcoin's annualized volatility climbed to 62% in November, up from 42% in the previous month.