Bitcoin Mining profitability declined for the fourth consecutive month in November, according to a report released Monday by JPMorgan (JPM).
The daily gross margin for block rewards also fell 26% from the previous month, analysts Reginald Smith and Charles Pearce wrote.
The Bitcoin network’s hashrate fell 1% to an average of 1,074 exahashes per second (EH/s) in November, according to the report, after reaching an all-time high in October.
“Bitcoin miners earned an average of $41,400 per EH/s in daily block reward revenue in November, down 14% from October and 20% year-over-year,” the analysts wrote.
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.
The combined market capitalization of the fourteen U.S.-led mining companies tracked by the bank fell 16% month-over-month, to $59 billion.
Cipher Mining (CIFR) outperformed the group with a 9% gain, supported by its recent Fluidstack deal.
Bitdeer (BTDR) underperformed with a 40% decline, the report added.
Learn more: Bitcoin Miners Cipher and CleanSpark Upgraded by JPMorgan as HPC Shift Accelerates
