Bitcoin Network Hashrate Hit Record High in October, JPMorgan Says
The Bitcoin network hashrate hit a record high in October, JPMorgan (JPM) said in a report on Monday.
The monthly average network hashrate rose 5% to 1,082 exahashes per second (EH/s), the report said.
The hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain, and is a proxy for competition in the industry and mining difficulty.
At the end of last month, "mining difficulty was 3% higher than the end of September, and 80% higher than difficulty heading into the most recent halving," analysts Reginald Smith and Charles Pearce wrote. The halving, when the reward assigned for adding a block to the blockchain is cut by 50%, took place in April 2024.
Mining economics were pressured for the third month in a row, the report noted.
The bank's analysts estimated that miners earned an average of $48,000 per EH/s in daily block reward revenue in October, 3% less than in September. Daily block reward gross profit fell 4%.
The combined market cap of the 14 U.S.-listed mining companies that the bank tracks increased $14 billion, or 25%, to $70 billion last month. The move was driven by high-performance computing (HPC) announcements and enthusiasm about the sector's pivot to AI.
Ciper Mining (CIFR) outperformed the group with a 48% increase last month, and Cango (CANG) underperformed with a 5% decline, the analysts said. It was the only mining company covered to perform worse than bitcoin, which fell 3.9%.
Read more: Bitcoin Miners Sit on Prime Power Assets as AI Pivot Accelerates: Canaccord
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Bitcoin News Update: Major Institutions Support Canaan’s AI-Powered Mining Growth with $72 Million Funding
- Canaan Inc. secured $72M from Brevan Howard, Galaxy Digital , and Weiss to expand North American data centers, boost Bitcoin mining capacity, and fund R&D. - The investment follows a 50% YTD stock decline but strengthens its balance sheet, with CEO Zhang citing growing institutional confidence in its technology. - The deal aligns with industry trends as miners like CleanSpark and NIP Group pivot to energy-efficient AI infrastructure and diversified revenue streams. - Canaan paused 2025 equity sales, leve
Ethereum Latest Updates: Institutions Broaden Portfolios as Ethereum Drops to 36th
- Ethereum's market cap fell below $400B on Nov 5, ranking 36th globally as liquidations and ETF outflows accelerated. - Over $1.1B in crypto liquidations hit Ethereum and Bitcoin , with ETF outflows exceeding $500M as institutions diversify holdings. - Macroeconomic pressures and regulatory uncertainty worsened the selloff, pushing Bitcoin near $100K and altcoins into steep declines. - Analysts warn of further $6B liquidations if Bitcoin breaks $106K, with Ethereum facing potential $1,700 drop by mid-2026
Ethereum Updates: ETH Rebounds from $3,300 While Experts Warn of Potential Drop to $1,700
- Ethereum rebounded above $3,300, ending a three-day decline with a 2.72% gain to $3,859.45, its largest rise since October 2025. - Analysts warn of a potential $1,700 drop by mid-2026 if Ethereum fails to sustain above $3,800, citing weak technical indicators and bearish momentum. - Ethereum ETFs saw $136M in outflows, while broader crypto market volatility and Fed rate uncertainty amplify downward pressure on prices. - Negative MACD and suppressed funding rates reinforce bearish sentiment, with analysts
Bitcoin Updates: Is the Crypto Market's Intense Fear a Sign to Buy or a Warning of Impending Crash?
- Crypto Fear and Greed Index hit 21 (extreme fear), signaling heightened capitulation risk as BTC/ETH/SOL dropped 3-8% amid $40B+ long-term holder selling. - Derivatives liquidations reached $1.33B (90% longs), while Ether ETFs outperformed Bitcoin ETFs in Q3 2025 despite BlackRock's altcoin ETF absence. - Market divides: Van de Poppe calls sub-$112k BTC a "great entry point," while Schiff dismisses crypto as "decentralized Ponzi scheme." - Fed policy uncertainty and U.S.-China trade deal ambiguity persis
Trending news
MoreCrypto prices
More
