bitcoin Mining profitability declined for the fourth consecutive month in November, according to a Monday report from JPMorgan (JPM).
Daily block reward gross profit also fell 26% from the previous month, analysts Reginald Smith and Charles Pearce wrote.
The Bitcoin network hashrate fell 1% to an average of 1,074 exahashes per second (EH/s) in November, according to the report, after hitting a record high in October.
“Bitcoin miners earned an average of $41,400 per EH/s in daily block reward revenue in November, down 14% from October and down 20% year over year,” the analysts wrote.
Hashrate refers to the total combined computing power used to mine and process transactions on a proof-of-work blockchain, and is an indicator of industry competition and mining difficulty.
The combined market capitalization of the fourteen US-led miners the bank tracks fell 16% month over month to $59 billion.
Cipher Mining (CIFR) outperformed the pack with a 9% gain, supported by its recent deal with Fluidstack.
Bitdeer (BTDR) underperformed with a 40% drop, the report added.
Read more: Bitcoin Miners Cipher and CleanSpark Updated by JPMorgan as HPC Shift Accelerates
