Bitcoin (BTC) miners saw their daily revenue and gross profit increase for the second month in a row in December, reaching the highest levels since April, according to a research report by JPMorgan (JPM) on Monday.
The rise in mining profitability was driven by a rally in the world's largest cryptocurrency that outpaced the growth in network hashrate, the bank noted.
JPMorgan estimated that bitcoin miners earned an average of $57,100 per exahash per second (EH/s) in daily block reward revenue last month, up 10% from November.
However, "daily revenue and gross profit per EH/s is still 43% and 52% below pre-halving levels, respectively," analysts Reginald Smith and Charles Pearce wrote in the report.
The network hashrate increased by 6% in December to an average of 779 EH/s, according to the report. Hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain.
Mining difficulty rose 7% from the month before and is now 27% higher than before the reward halving event in April, the bank said. The hashrate increased 54% in 2024, slower than 2023's gain of 103%.
The total market cap of the 14 publicly listed bitcoin miners that the bank tracks declined 23% to $28 billion in December. The figure had risen 52% in November.
TeraWulf (WULF) was the only miner that outperformed bitcoin last year, with a 136% gain, the report said. Bitcoin climbed about 120%.
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