JPMorgan Chase: Bitcoin mining companies with HPC business underperformed BTC for the third consecutive month

Odaily News Bitcoin mining companies with high-performance computing (HPC) operations underperformed BTC for three consecutive months in April, Wall Street bank JPMorgan Chase said in a research note on Thursday. To reduce their reliance on cryptocurrencies, some Bitcoin miners have turned to new areas, such as providing HPC services to the fast-growing artificial intelligence (AI) market. Mining profitability declined in April as the network hash rate rose, with daily block reward revenue down 6% from March. At the same time, the average hash rate rose by about 56 EH/s in April, up 6% month-on-month to 872 EH/s, the second-highest consecutive increase in the average monthly network hash rate in history. The total market value of the 13 U.S.-listed mining stocks tracked by the bank increased by 12% from March, with Greenidge (GREE) performing particularly well in April, up 46%. (CoinDesk)