JPMorgan Notes Bitcoin Hashrate Recovery to All-Time Highs in August

JPMorgan: Bitcoin Hashrate Hits Record as Miner Market Caps Surge

Bitcoin’s network hashrate climbed to fresh highs in August, averaging 949 exahashes per second (EH/s) after rising by about 50 EH/s during the month, JPMorgan said in a research report Tuesday. The increase underscores mounting mining competition and higher network difficulty.

The bank noted that the combined market capitalization of 13 U.S.-listed bitcoin miners it tracks also hit a record, surging 23% month-over-month — roughly $7.4 billion. TeraWulf (WULF) led with an 83% gain following a colocation agreement with Fluidstack, while IREN (IREN) expanded its GPU fleet. Greenidge Generation (GREE) lagged, dropping 22%.

Still, profitability weakened as bitcoin prices declined. Analysts Reginald Smith and Charles Pearce estimated miners earned $55,100 per EH/s in daily block rewards during August, down 4% from July. Gross profit fell 7% to $31,900 per EH/s.

The report highlights an industry at a crossroads: record computing power and higher valuations, but thinner margins amid softer bitcoin prices.