The performance of Bitcoin mining stocks (BTC) was mixed in the first two weeks of April, and pure game operators exceed those with high performance computing exposure (HPC), JPMorgan (JPM) said in a research report on Wednesday.
Only Mara Holdings (Mara) and Cleanspark (CLSK) surpassed the largest cryptocurrency during the period, while miners with HPC exposure, which is used in applications, including AI, such as Bitdeer (BTDR), Terawulf (Wulf), Iren (Iren) and Froent Platforms (Riot) influential.
The bank said that March was a good month for the miners who are quoted in the United States. They added 15 exahasos per second capacity and extracted more chips. The first two weeks of April were not so positive.
“The growth of the Network hashrate surpassed the expansion of the American operator, and the average price of Bitcoin decreased in the first half of April, which has pressed the mining economy,” wrote the analysts Reginald Smith and Charles Pearce.
The bank estimated that the miners that are quoted in the United States are currently quoted around 1.2 times their proportional participation in the opportunity for four -year block reward, which is the lowest level in more than 2 years.
The miners obtained around $ 41,500 in revenue of daily block reward for EH/s in the first two weeks of the month, a 12% decrease from March, according to the report.
The hashrate of the network has increased 85 EH/s monthly to an average of 900 eh/s, the bank said. The hashrate refers to the total combined computational power used to extract and process transactions in a chain of work test blocks, and is a proxy of competition in industry and mining difficulty.
The total market capitalization of the 13 Bitcoin miners that are quoted in the United States that bank traces fell 2% to $ 16.9 billion in April.
Read more: Bitcoin’s mining profitability decreased by 7.4% in March as prices, transaction rates fell: Jefferies
