Report: Bitcoin Network Hashrate Rises 2% in First Two Weeks of May, Miners' Gross Profit Expands with Bitcoin Price Increase
On May 19, JPMorgan noted in a research report released on Friday that Bitcoin network hash rate increased by 2% in the first two weeks of May, averaging 88.5 EH/s. As Bitcoin prices rose, miners' gross profit margins expanded month-on-month, improving mining economic conditions and enhancing miners' profitability. The hash price, which measures daily mining profitability, increased by 13% compared to April.
Analysts stated that in the first two weeks of this month, miners' daily block reward revenue per EH/s was approximately $50,100, up 13% from the previous month and 3% year-on-year. Additionally, U.S.-listed mining companies maintained their share of the network hash rate, currently accounting for about 30.5%, up 1.1% from April. The total market value of the 13 U.S. Bitcoin mining stocks tracked by the bank increased by 24% this month, amounting to $4.6 billion, with Bitdeer rising by 43% and Greenidge falling by 5%.
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