Bitcoin (BTC) network hashrate rose 2 exahashes per second (EH/s) in the first two weeks of March, to an average of 811 EH/s

JPMorgan (JPM) said in a research report Monday that the Bitcoin network hashrate rose 2 exahashes per second (EH/s) in the first two weeks of March

Bitcoin (BTC) network hashrate rose 2 exahashes per second (EH/s) in the first two weeks of March, to an average of 811 EH/s, while miners' revenue fell 11%, and the total market cap of the U.S.-listed miners decreased by 13%, JPMorgan said in a research report Monday.

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

The hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain, and is a proxy for competition in the industry and mining difficulty.

The "average bitcoin price declined ~10%, pressuring mining economics in the period," analysts Reginald Smith and Charles Pearce wrote.

The hashprice, a measure of daily mining profitability, was broadly unchanged from the end of last month, the report noted.

Miners earned roughly $48,300 in daily block reward revenue per EH/s in the first two weeks of March, a 11% drop from February, and a 52% decline since last April's halving event, the bank said.

The total market cap of the 14 U.S.-listed miners that the bank tracks slipped 13%, or about $3 billion, from the month previous.

Argo Blockchain (ARGO) outperformed with a 1% gain, while Cipher Mining underperformed with a 25% decline. Only one of the miners in the bank's coverage outperformed bitcoin in the same period, the report added.