The Bitcoin network hashrate declined modestly in the first two weeks of October, falling 5 exahashes per second (EH/s) to an average of 1,030 EH/s, Wall Street bank JPMorgan (JPM) said in a report on Thursday.
The hashrate decline occurs after the successive all-time highs observed in August and September.
The US-listed miners that the bank tracks now make up about 38% of the global network.
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.
“HPC enthusiasm continued through the first two weeks of October, when the 14 bitcoin miners and data center operators we track reached a combined market capitalization of $79 billion,” wrote analysts Reginald Smith and Charles Pearce.
Miners earned about $52,500 in daily block reward revenue per EH/s, an increase of 6% since the end of September, according to the report, but the hash price, a measure of daily mining profitability, fell 7%.
The total market capitalization of the 14 US-listed bitcoin miners covered by the bank rose 41% since the end of last month to a record $79 billion. All of these companies outperformed BTC during the period.
Bitfarms (BITF) outperformed with a 129% gain, and Cango (CANG) underperformed the group with a 3% gain, the report added.
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