Bitcoin Mining Profitability Fell for Fourth Consecutive Month in November: JPMorgan

Industry Overview - Bitcoin mining profitability has declined for the fourth consecutive month in November, with daily block reward gross profit dropping 26% from the previous month [1] - The Bitcoin network hashrate decreased by 1% to an average of 1,074 exahashes per second (EH/s) in November, following a record high in October [1] Financial Performance - Bitcoin miners earned an average of $41,400 per EH/s in daily block reward revenue in November, representing a 14% decrease from October and a 20% decline year-over-year [2] - The combined market capitalization of the fourteen U.S.-led miners tracked by JPMorgan fell by 16% month-on-month to $59 billion [2] Company Performance - Cipher Mining (CIFR) outperformed its peers with a 9% gain, attributed to its recent Fluidstack deal [3] - Bitdeer (BTDR) underperformed, experiencing a 40% decline [3]