Mike Smith
December 24, 2024
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In December, JPMorgan analysts recorded an improvement in the economics of bitcoin mining. The main indicator of miners' profitability, the hash price, reflecting daily income, grew by 5% compared to the end of November.
This growth is explained by the fact that the increase in the cost of bitcoin is in step with the increase in network capacity. The hash rate, reflecting the complexity of mining and the level of competition, has risen by 6% this month and reached 773 Eh/s.
According to experts, miners earned about $57.3 thousand per day for each Eh/s in the first two weeks of December. This is the best indicator in the last seven months, although it still remains 40% below the levels observed before the last bitcoin halving.
The shares of 14 closely watched US mining companies have seen their hashrate grow significantly, up 94% year-to-date to 222 Eh/s. These companies now account for 29% of the world’s hashrate, highlighting their significant influence on the global market.
Despite the improvement in key metrics, the combined market value of these companies has fallen by 4%, or $1.5 billion, in the first two weeks of December, after increasing by more than 50% over the past few years.
