Bitcoin (BTC) hash rate fell for two consecutive months at the end of last year…a sign of easing mining competition
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- CoinDesk reported that the Bitcoin (BTC) network hash rate fell for two consecutive months at the end of last year.
- J.P. Morgan said the report pointed out a deterioration in mining profitability and a decrease in total profits of mining companies.
- Nevertheless, it said that stock prices of Bitcoin mining companies listed on U.S. exchanges rose by about 73% year-on-year last year.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
The Bitcoin (BTC) network hash rate fell for two consecutive months at the end of last year, leading to analysis that competition among miners is easing.
On the 5th (local time), virtual asset (cryptocurrency) specialist media CoinDesk reported that J.P. Morgan said in a recent report, "As of December 2024, the Bitcoin network hash rate decreased for two consecutive months," adding, "This indicates that competition intensity in the mining environment is declining."
The report also pointed out a deterioration in mining profitability. Block reward revenue per exahash (EH/s) decreased by 32% year-on-year to a record low, and total profits of mining companies also appeared to have fallen sharply.
However, despite this weakening of fundamentals, stock prices of Bitcoin mining companies and data center operators listed on U.S. exchanges showed strong gains last year. J.P. Morgan added that the market capitalization of related thematic stocks increased by about 73% on an annual basis.
