Bitcoin Network’s hash rates returned to record highs last month, with around 50 exhahash (EH/s) per second increasing to an average of 949 EH/s, Wall Street Bank JPMorgan (JPM) said in a survey report on Tuesday.
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.
13 US List Bitcoin Market Cap BTC$111,257.92 Minor Bank Trucks also hit record highs in August, with high performance computing (HPC) running driving profits.
Terawulf (Wulf) announced a colocation agreement with Fluidstack, and Iren (Iren) has expanded its GPU fleet, the bank said.
Mining profitability has declined from the previous month as Bitcoin prices fell due to record hashrates.
“Bitcoin Miner estimates that daily block reward revenues in August averaged $55,100 per EH/s, down 4% from July,” analysts Reginald Smith and Charles Pierce. Analysts also saw a decrease in gross profits from daily block compensation, down 7% per EH/S to $31,900.
The total market capitalization of 13 US-listed Bitcoin Miners, which JPMorgan analysts track 23% or about $7.4 billion from the previous month.
Terawulf outperformed with an 83% profit, while Greenidge Generation (Gree) reduced the group’s performance with a 22% decrease, the report added.
Read more: Bitcoin’s 7-Day Average Hash Rate Hit 1 Zettahash First Time