Bitcoin (BTC) Mining Revenue and Profit Show Growth in November, but Still Below Pre-Halving Levels
Bitcoin’s daily mining revenue and gross profit saw an increase in November as the leading cryptocurrency reached new all-time highs. However, according to a research report by JPMorgan, it is still roughly 50% lower than levels seen before the halving event.
“We estimate that bitcoin miners earned an average of $52,000 per EH/s in daily block reward revenue in November, marking a 24% rise from October,” stated analysts Reginald Smith and Charles Pearce.
The report highlighted that transaction fees on the network experienced a notable surge following the U.S. presidential election on November 5th, providing some relief in hashprice. Hashprice is a metric used to measure mining profitability.
In November, the total market capitalization of the 14 publicly listed bitcoin miners covered by the bank surged by 52% to reach $36.2 billion.
Additionally, the average network hashrate increased by 4% month-on-month, reaching 731 exahash per second (EH/s), while mining difficulty saw a 7% rise compared to October. Hashrate represents the total computational power used for mining and processing transactions on a proof-of-work blockchain, serving as an indicator of industry competition and mining difficulty.
November witnessed a rise in Bitcoin’s annualized volatility to 62%, up from 42% in the previous month, as per the report.
For further insights, check out: Bitcoin Mining Revenue, Profit Fell in October for a Fourth Consecutive Month: JPMorgan