The hashrado total of Bitcoin’s miners (BTC) that are quoted in the United States tracked by JPMorgan (JPM) has almost doubled for a year and now represents approximately 29% of the global network, the bank said in a report the report Tuesday.
The combined hashrada of the 14 companies “has increased ~ 95% and/and to 244 eh/s, compared to a 45% increase in the hashrate of the network”, wrote the analysts Reginald Smith and Charles Pearce.
Network hashrate is a proxy for competition in industry and mining difficulty. Bitcoin Network hashrate has increased around 6% so far this month, and has risen 45% in the last 12 months, according to the report.
“Bitcoin’s average price also decreased modestly from January, pressing the mining economy,” the authors wrote.
The hashprice, a daily mining profitability measure, fell by 13% at the end of January, since the hashrate increased and the price of Bitcoin fell, JPMorgan said.
The bank estimated that the miners earned around $ 53,600 in daily block rewards this month, 6% lower than in January.
The total market limit of Bitcoin mining shares in bank coverage was 1% lower than the previous month, the report added.
Iren (Iren) exceeded in the first two weeks of February with a gain of 27%, the bank said. Greenidge Generation (GREE) had a lower performance with a 20%drop.
In a Monday report, the Bernstein corridor said that the mining actions of the US Bitcoin were increasing their participation in the Network hashrate.
Read more: Bitcoin miners that quote in the United States are increasing their part of the Network hashrate: Bernstein
