Bitcoin Network Hash Rates fell in June as miners responded to the recent heat wave: JPMorgan

Bitcoin

Wall Street Bank JPMorgan (JPM) said in a survey report on Tuesday that the average hash rate for Network Monthly fell by about 3% in June.

Hashrate refers to the total computing power used to mine and process transactions on the Proof of Work Blockchain, a proxy for competition and mining difficulties in the industry. Measured in echhash per second (eh/s).

“Our sense is that it was caused by seasonal weather-related reductions in the US, and in Texas, only Cipher, Iren and Riot operate over 80 Eh/s at >80,” writes analysts Reginald Smith and Charles Pearce.

Bitcoin mining’s profitability continues to improve. Bank analysts estimated that miners averaged $55,300 per EH/s in daily block compensation revenue last month, up 7% from April.

Analysts say gross profits on daily block compensation have risen to the highest level, up 13% per month since January.

The market capitalization of the 13 US-listed Bitcoin Miners continues to rise by 23%, or about $5.3 billion, from the previous month, the report says.

Operators with high performance computing (HPC) exposure outperformed pure play miners by guessing trade between Core Scientific (CORZ) and CoreWeave (CRWV).

Aylen (Aylen) outperformed the group with a 67% profit, while BitFarms (BITF) performed worst with a 19% drop, the report added.

read more: June Network Hashrate Share Network Hashrate Share Hit Rate: JPMorgan