Bitcoin mining companies (BTC) with high performance IT exposure (HPC) have underperformed the world’s largest cryptocurrency for the third consecutive month in April, JPMorgan said on Thursday in a research report.
Some bitcoin minors have pivoted in new areas of activity, such as the supply of HPC services to the rapidly growing artificial intelligence (IA) market to reduce their dependence on crypto.
“We note that minors with the exposure to HPC (Iren, Riot, Wulf, Hut) have underperformed the BTC performance for the third consecutive month,” wrote analysts Reginald Smith and Charles Pearce.
Mines profitability fell in April as the network hashrate increased.
The income from the daily award decreased by 6% compared to March, said the bank, while the average monthly hashrate increased by around 56 exams per second (EH / S), 6% per month, to 872 EH / S in April.
“It was the second largest sequential increase in the average monthly network hashrate,” the authors wrote.
The hashrate refers to the total combined calculation power used to exploit and treat transactions on a blockchain of evidence of work, and is an indirect indicator of competition in the industry and mining difficulties.
The total market capitalization of the 13 mining shares listed in the United States according to which the bank follows 12% compared to March.
Greenidge (Gree) was a notable outperformer in April with a gain of 46%.
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