The Bitcoin network’s hashrate declined slightly in the first two weeks of October, falling from 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 decline in the hashrate follows successive records observed in August and September.
U.S.-listed miners tracked by the bank 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.
“Enthusiasm for HPC continued through the first two weeks of October, as the 14 bitcoin miners and data center operators we track reached a combined market cap 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% from the end of September, according to the report, but hashprice, a measure of daily mining profitability, fell by 7%.
The total market capitalization of the 14 U.S.-listed Bitcoin miners covered by the bank increased 41% from the end of last month to a record $79 billion. All of these companies outperformed BTC over 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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