Bitcoin (BTC) network hashrate rose 2% in the first two weeks of May, JPMorgan (JPM) says

The Bitcoin network hashrate rose 2% in the first two weeks of May to an average of 885 exahashes per second (EH/s), Wall Street bank JPMorgan (JPM) said in a research report Friday.

The Bitcoin network hashrate rose 2% in the first two weeks of May to an average of 885 exahashes per second (EH/s), a research note by JPMorgan (JPM) revealed on Friday.

Hashrate is a measure of 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.

Miner profitability improved in May, as the price of bitcoin rose and energy costs remained relatively stable. The hashprice, a measure of daily mining profitability, increased 13% from April.

"We estimate miners earned ~$50,100 in daily block reward revenue per EH/s over the first two weeks of the month, up 13% from last month and 3% y/y," analysts Reginald Smith and Charles Pearce noted.

U.S.-listed miners maintained their share of the network hashrate, and currently contribute about 30.5% of the network's hashrate, showing a 1.1% increase from April, the bank added.

The collective market capitalization of the 13 U.S.-listed bitcoin mining stocks that JPMorgan follows experienced a rise of 24%, amounting to $4.6 billion, this month.

Among these stocks, Bitdeer (BTDR) displayed the strongest performance with a 43% gain, while Greenidge (GREE) showed the weakest performance, with a 5% decline, the report noted.

Among the stocks covered by the bank, the H.P.C. (high-performance computing) exposed Bitcoin miners have underperformed the BTC for the third consecutive month.

The post Bitcoin hashrate rose 2% in May; U.S. miners' market cap up $4.6B: JPMorgan appeared first on Chain Teller.