Bitcoin Network’s hashrate rose 2% in the first two weeks of May to an average of 885 seconds (EH/s).
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.
Bitcoin prices increased profitability for miners in May
BTC$102,586.74
The bank said roses and total margins have increased.
Hashpris, a measure of daily mining profitability, has risen 13% since April.
“We estimate that miners have earned ~$50,100 in daily block reward revenue per day in the first two weeks of the month, with 13% and 3% y/y since last month,” writes analysts Reginald Smith and Charles Pierce.
US listed miners have maintained their share of the network’s hashrate, and now account for around 30.5% of the network, an increase of 1.1% since April, the bank said.
The market capitalization of 13 US-listed Bitcoin mining stocks tracking banks rose 24% ($4.6 billion) this month.
Bitdeer (BTDR) outperformed with a gain of 43%, while Greenidge (Gree) reduced sector performance by 5%, the report said.
read more: Bitcoin miners with HPC exposure did not perform BTC for 3 months: jpmorgan