30s Summary

The profitability of bitcoin mining increased in the first half of November due to a 30% rise in hashprice, according to a report by JP Morgan. As a result, the total market value of miners monitored by the bank grew by approximately $8 billion, a surge of 33%. American bitcoin miners make up around 28% of the global network. The analysts attribute the shift to gains in bitcoin and broader cryptocurrency optimism following the US election.

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The first half of November saw a positive shift in the world of bitcoin mining. A nearly 30% increase in hashprice, a reflection of mining profitability, was recorded in the initial fortnight of the month. Why? Because bitcoin mining is more profitable, suggests the report.

That’s not all. The total market value of miners watched by the bank witnessed a hefty 33% surge. In dollar terms, that’s about a whopping $8 billion extra!

Here’s more good news for the US! American bitcoin miners make up about 28% of the global network, according to the bank.

First part of November saw BTC mining economics on the up due to the increase in hashprice, says JPMorgan (JPM) in a Monday research report. How did the hashprice go up? BTC rally was ahead of network hashrate growth and transaction fees made up a larger chunk of block reward, wrote analysts Reginald Smith and Charles Pearce.

The overall market cap of the mining stocks monitored by the bank inflated 33%, which equates to nearly $8 billion, from the end of October to mid-November. The reason, “BTC gains and broader crypto optimism post election,” stated the authors.

In the wake of Donald Trump’s victory in the U.S. presidential election earlier this month, Bitcoin surged as high as 30% to record-breaking highs.

The network hashrate, which indicates the total computing power used to mine and process transactions on a proof-of-work blockchain, increased 2% month-to-date, averaging at 718 exahashes per second (EH/s), says the report. The 14 U.S.-listed miners, under the purview of the bank, presently represent about 28% of the global network. Their network hashrate share remains at record highs.