The total hashrate of bitcoin minors (BTC) listed by the United States followed by JPMorgan (JPM) almost doubled compared to a year ago and now represents around 29% of the global network, said the bank on Tuesday in a report.
The combined hashrate of the 14 companies “increased ~ 95% in annual sliding to 244 EH / S, against a 45% increase in the hashrate of the network,” wrote Reginald Smith and Charles Pearce analysts.
The network hashrate is an indirect indicator of competition in industry and mining difficulties. The Hashrate of the Bitcoin network has increased by around 6% so far this month and has climbed 45% in the last 12 months, according to the report.
“The average price of Bitcoin has also decreased modestly compared to January, putting pressure on the mining economy,” wrote the authors.
The hashprice, a measure of the profitability of daily mines, dropped by 13% from the end of January, while the hashrate increased and the price of Bitcoin fell, said JPMorgan.
The bank estimated that minors earned about $ 53,600 in daily block rewards this month, 6% lower than those in January.
The total market capitalization of bitcoin extraction shares in the bank coverage was 1% lower than the previous month, added the report.
Iren (Iren) surpassed the first two weeks of February with a gain of 27%, noted the bank. Greenidge Generation (GreeE) subperformed with a 20%drop.
In a report on Monday, the Bernstein broker said that American Bitcoin extraction actions increased their share of the network’s hashrate.
Read more: Bitcoin minors classified by the United States increase its share of the Hashrate network: Bernstein
