Bitcoin Network Hashrate Hit Record High in October, JPMorgan Says

Industry Overview - The Bitcoin network hashrate reached a record high in October, with a monthly average increase of 5% to 1,082 exahashes per second (EH/s) [1] - Mining difficulty rose by 3% from the end of September and is 80% higher compared to the difficulty before the recent halving in April 2024 [2] Mining Economics - Miners earned an average of $48,000 per EH/s in daily block reward revenue in October, which is a 3% decrease from September [3] - Daily block reward gross profit fell by 4% [3] Market Performance - The combined market cap of 14 U.S.-listed mining companies tracked by the bank increased by $14 billion, or 25%, reaching $70 billion last month, driven by high-performance computing (HPC) announcements and a shift towards AI [3] - Ciper Mining (CIFR) outperformed the group with a 48% increase, while Cango (CANG) underperformed with a 5% decline, being the only mining company covered that performed worse than Bitcoin, which fell by 3.9% [4]