The total market capitalization of the 14 Bitcoin (BTC) miners that are traded in the United States tracked by JPMorgan (JPM) fell 25% in March, the third worst monthly registered performance, Wall Street Bank said Tuesday.
Only one action, the Fortaleza Digital Mining (SDIG), surpassed Bitcoin (BTC) last month, the report said. Miners with high -performance computing exposure (HPC) had pure performance of pure game miners during the second consecutive month.
“We notice that today’s valuations are at the lowest levels in relation to the reward of the block from the collapse of FTX in the autumn of 2023,” wrote the analysts Reginald Smith and Charles Pearce.
The average network hashrate increased during the month to 816 exahashes per second (EH/s), according to the report. 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.
Mining income and profitability fell.
“We estimate that Bitcoin miners obtained an average of $ 47,300 for EH/s in the daily block reward revenues in March, 13% less than since February,” said the bank. The gross gain of daily block reward fell 22% from month to month to $ 23,000 per EH/s.
Digital Stronghold beat the sector last month with a 2%decrease. Encryption mining (encryption) had a lower yield with a 45%drop.
Read more: Bitcoin Network hashrate increased in March as the mining economy weakened: JPMorgan
