JPMorgan: Bitcoin Mining Revenue Plummets to All-Time Low

JPMorgan reported that Bitcoin mining profitability reached record lows in August, with miners earning an average of $43,600 per exahash per second in daily block reward revenue, down from a peak of $342,000 in November 2021. This decline is attributed to the drop in Bitcoin's price and the rise in network hashrate, which increased competition and mining difficulty. The total market cap of the 14 U.S.-listed mining companies tracked by JPMorgan fell 15% month-on-month, with only three outperforming Bitcoin. The report also noted a brief spike in transaction fees in August, which provided some relief to miners, and highlighted that Bitcoin's annualized volatility rose to 62% in August from 45% in July.

Source: Coindesk