Early May Hashrate on the Bitcoin Network Edged Upward, JPMorgan Finds

JPMorgan Notes 2% Increase in Bitcoin Network Hashrate, Mining Margins Improve in Early May

The Bitcoin network hashrate grew by 2% during the first half of May, reaching an average of 885 exahashes per second (EH/s), according to a new research report from JPMorgan.

Hashrate reflects the total computational power securing Bitcoin’s proof-of-work blockchain and indicates mining competition and network health.

JPMorgan highlighted a sequential expansion in mining gross margins this month, driven by a rising bitcoin price near $104,737.33.

The hashprice—a key profitability metric measuring daily mining revenue per EH/s—rose 13% compared to April, an encouraging sign for miners.

Analysts Reginald Smith and Charles Pearce estimated miners earned roughly $50,100 in daily block rewards per EH/s over the first two weeks of May, marking a 13% monthly increase and a 3% year-over-year gain.

U.S.-listed miners maintained their network share at approximately 30.5%, up 1.1% from April.

The combined market capitalization of the 13 U.S.-listed bitcoin mining companies tracked by JPMorgan increased by 24% in May, adding $4.6 billion in market value.

Within the sector, Bitdeer (BTDR) led gains with a 43% rise, while Greenidge (GREE) underperformed, falling 5%, the report noted.