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Reading: Bitcoin Miners See Revenue Growth Amid Rising Hashrate
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Deythere > News > News > Mining > Bitcoin Miners See Revenue Growth Amid Rising Hashrate
MiningCryptoMarketNews

Bitcoin Miners See Revenue Growth Amid Rising Hashrate

Bitcoin mining profitability featuring miners working at advanced mining rigs with glowing Bitcoin logos. Th
Alessia Moretti
Last updated: January 7, 2025 1:16 pm
By
Alessia Moretti
Published January 7, 2025
2 Min Read
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Bitcoin (BTC) miners experienced a significant boost in daily revenue and gross profits in December, marking the second consecutive month of growth. According to a report by JPMorgan, this increase is the highest seen since April, driven by Bitcoin’s price rally surpassing the growth in network hashrate.

Contents
  • Revenue and Profit Increase
  • Hashrate and Mining Difficulty
  • Market Performance
  • Mining Profitability
  • Understanding Hashrate Dynamics

Revenue and Profit Increase

JPMorgan estimates that Bitcoin miners earned an average daily block reward revenue of $57,100 per exahash (EH/s) in December, a 10% increase compared to November. However, analysts Reginald Smith and Charles Pearce noted that daily revenue and gross profit per EH/s remain 43% and 52% below pre-halving levels, respectively.

Hashrate and Mining Difficulty

The network’s hashrate increased by 6% in December, reaching an average of 779 EH/s. While hashrate growth for 2024 was 54%, it fell short of the 103% growth observed in 2023. Mining difficulty rose by 7% from the previous month, now standing 27% higher than pre-halving levels in April.

showcasing Bitcoin mining growth. The image features a glowing Bitcoin logo mining rigs and a rising grap

Market Performance

The combined market value of 14 publicly traded Bitcoin miners tracked by JPMorgan dropped by 23% in December to $28 billion. This decline follows a 52% increase in November. Notably, TeraWulf (WULF) outperformed Bitcoin, achieving a 136% gain, compared to Bitcoin’s 120% annual rise.

Mining Profitability

Bitcoin’s value growth outpacing hashrate expansion has led to improved mining profitability. However, miners still face challenges as profitability remains significantly below pre-halving levels, reflecting the high operational costs involved.

Understanding Hashrate Dynamics

Hashrate, the total computational power used for mining and processing transactions in a blockchain network, plays a crucial role in network security and mining difficulty. As hashrate increases, so does mining difficulty, impacting profitability.

JPMorgan’s report highlights key insights into the future profitability of Bitcoin mining and network dynamics. As the industry evolves, its sustainability will depend on Bitcoin’s price trends, technological advancements, and shifting market conditions.

For the latest updates on Bitcoin mining and blockchain trends, visit Dey There.

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ByAlessia Moretti
Alessia Moretti is a blockchain and cryptocurrency analyst with 7 years of experience in the field. With a strong foundation in economics and a passion for technology, Alessia has been involved in a variety of international blockchain projects, focusing on the development of decentralized applications and financial products. Her work is characterized by a deep understanding of both the technical and economic aspects of blockchain technology. At DT NEWS, Alessia provides readers with in-depth analysis of global blockchain trends and market movements, helping them stay informed about the future of digital finance.
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