Summary:
Bitcoin miners' daily revenue increased for the second month in a row.
Average earnings reached $57,100 per EH/s, a 10% increase from November.
Hashrate grew by 6% in December, averaging 779 EH/s.
Mining difficulty is 27% higher than pre-halving levels.
Total market cap for publicly listed miners declined by 23% in December.
Bitcoin Mining Profitability on the Rise
According to a recent JPMorgan report, Bitcoin (BTC) miners have seen their daily revenue and gross profit increase for the second consecutive month in December, reaching levels not seen since April. This uptick in mining profitability comes as the price of Bitcoin continues to rally, outpacing the growth of the network's hashrate.
Key Findings from the Report
- Average Earnings: Miners earned an average of $57,100 per exahash per second (EH/s) in daily block reward revenue last month, marking a 10% increase from November.
- Hashrate Growth: The network hashrate rose by 6% in December, averaging 779 EH/s. In 2024, the hashrate has grown by 54%, a slowdown compared to 2023's impressive 103% gain.
- Mining Difficulty: Mining difficulty rose by 7% from the previous month and is now 27% higher than before the reward halving event in April.
Market Performance
Despite the increase in mining profitability, the total market cap of the 14 publicly listed bitcoin miners tracked by JPMorgan fell by 23% to $28 billion in December, following a 52% increase in November. Notably, TeraWulf (WULF) was the only miner to outperform Bitcoin last year, achieving a 136% gain compared to Bitcoin's 120% increase.
For more information on the profitability trends of Bitcoin miners and the impact of market dynamics, check the full report.
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