Bitcoin Drops to Lowest Since August as U.S. Shares Slide

Bitcoin mining profitability is caught at document lows, JPMorgan mentioned in a brand new analysis report. “We estimate bitcoin miners earned a mean of $43,600 per EH/s in each day block reward income in August, the bottom level on document,” the analysts wrote. That compares with a peak worth of $342,000 in November 2021, when the BTC worth was $60,000 and the community hashrate was 161 EH/s. The community hashrate, a proxy for competitors within the business and mining issue, elevated for the second straight month in August, JPMorgan famous. “The community hashrate averaged 631 EH/s in August, up 16 EH/s from final month, and about 20 EH/s beneath prehalving ranges,” the authors wrote.