Bitcoin Mining Profitability Sees Growth in November’s First Half, Says JPMorgan

The combined market value of bitcoin mining stocks tracked by JPMorgan jumped 33%, adding approximately $8 billion, according to a new analysis.

Bitcoin (BTC) mining economics experienced a significant boost in early November as the hashprice—the benchmark for mining profitability—rose sharply, JPMorgan analysts Reginald Smith and Charles Pearce noted in their Monday report.

Hashprice surged 29% since the end of October, supported by bitcoin’s price rally, which outpaced the growth of the network hashrate. Transaction fees also became a larger share of miner rewards, further enhancing profitability.

This improvement in mining conditions drove up the market capitalization of publicly traded bitcoin miners under JPMorgan’s watch, reflecting renewed optimism in the crypto sector. From Oct. 31 to Nov. 15, the collective market cap of these miners increased by $8 billion amid the bitcoin rally and the post-election resurgence of crypto enthusiasm.

Bitcoin, the leading cryptocurrency, climbed as much as 30% to fresh all-time highs following Donald Trump’s recent electoral victory.

The network’s average hashrate grew by 2% in November to 718 exahashes per second (EH/s), the report highlighted. Hashrate represents the computing power deployed to mine bitcoin and validate transactions, acting as an indicator of competition and mining difficulty.

JPMorgan further noted that the 14 U.S.-listed miners it monitors now collectively account for about 28% of global hashrate—a figure that remains at record levels, showcasing the growing dominance of U.S.-based mining operations.

The report emphasized that November’s gains follow months of declining mining revenues and profitability, signaling a potential turnaround in the sector.