According to a report released by JPMorgan on Wednesday, CoinDesk quoted by Odaily Planet Daily, the total market value of the 14 US-listed Bitcoin mining companies it tracked exceeded US$50 billion for the first time last month (September), reaching US$56 billion, a month-on-month increase of 43%.
The report noted that 12 of the 14 mining companies outperformed Bitcoin itself in September. Meanwhile, the average hash rate of the Bitcoin network increased by 9% month-over-month in September, reaching 1,031 EH/s.
However, despite the rise in market capitalization and hashrate, miners’ profitability has been squeezed by intensified competition for hashrate. The report estimates that miners’ daily block reward revenue fell by 10% month-over-month in September, while their gross profit fell by 17%.
