Overview of Bitcoin Mining Conditions
JPMorgan's report states that U.S.-listed bitcoin miners fell in the first half of September as the price of BTC remained below $60,000 and the network's hashrate rose, indicating a decline in mining profitability.
Hashrate and Hashprice Trends
The report notes that the hashrate has risen 4% month-to-date and is now back to pre-halving levels, while the hashprice, a measure of miner's daily profitability, has fallen 2% this month and is more than 50% below pre-halving levels.
U.S. Miner's Share of Network Hashrate
The report highlights that the U.S.-listed miners' share of the network hashrate increased for the fifth consecutive month to 26.7%, the highest level on record.
Performance of Individual Miners
Hut 8 was the outperformer with an 11% gain, while CleanSpark underperformed, declining 12%. The group of publicly listed U.S. miners currently trade just under two times their proportional share of the four-year block reward opportunity.
Outlook for Bitcoin Miners
Rival Wall Street Bank Jefferies cautioned that bitcoin miners could be faced with another difficult month in September, indicating continued challenges for the industry.
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