In September, daily mining revenue and gross profit dropped for the third month in a row. According to a report from JPMorgan, the network hashrate did see a slight increase of 2% compared to August.
The average price of bitcoin (BTC) and the hashrate both edged up a bit. However, daily mining revenue and gross profit continued their downward trend. This was highlighted in a research report released by JPMorgan on Tuesday.
The hashrate rose for the third consecutive month, reaching 643 exahashes per second (EH/s). This number reflects the total computational power used for mining and processing transactions on a proof-of-work blockchain. It’s a key metric in the mining world.
JPMorgan estimated that miners earned about $42,100 per EH/s in daily block reward revenue last month. That’s a 6% decrease from the month before.
Analysts Reginald Smith and Charles Pearce stated, “We estimate daily block reward gross profit declined 6% month on month to $16,100 per EH/s, with a gross margin of 38.4%. This is the lowest point on recent record.”
Transaction fees remained low, making up less than 5% of the block reward. This indicates a subdued market environment.
The total market cap of the 14 U.S.-listed miners that JPMorgan tracks rose by 4%, reaching $21 billion. Hut 8 (HUT) performed well, gaining 21% last month. On the other hand, CleanSpark (CLSK) saw a decline of 13%.
Bitcoin's annualized volatility was recorded at 44% last month. This is a drop from the 62% seen in August. Overall, the market is experiencing fluctuations, and these numbers reflect the current state of the mining industry.