Bitcoin Mining Hashrate Takes a Pause in First Two Weeks of October: JPMorgan

Bitcoin Hashrate Pulls Back Slightly as U.S. Miners Hit $79B

The Bitcoin network hashrate eased modestly in the first two weeks of October, falling 5 exahashes per second (EH/s) to an average of 1,030 EH/s, according to a JPMorgan (JPM) report Thursday. The drop comes after record highs in August and September, signaling a temporary slowdown in mining activity.

Meanwhile, the 14 U.S.-listed bitcoin miners tracked by JPMorgan now account for roughly 38% of the global network. Their combined market capitalization surged 41% from the end of September to a record $79 billion, highlighting strong investor interest.

Mining Revenue and Profitability

Miners earned around $52,500 per EH/s in daily block rewards, up 6% from late September. However, the hashprice, a key indicator of mining profitability, declined 7%, showing slightly lower returns per unit of computational power despite higher overall revenue.

U.S. Miners Outperform

All tracked U.S. miners outperformed Bitcoin over the period. Bitfarms (BITF) led the gains with a 129% rise, while Cango (CANG) recorded the smallest increase at 3%, according to JPMorgan.

The hashrate measures the total computational power securing the Bitcoin blockchain, serving as a proxy for competition and mining difficulty. Despite the early October slowdown, U.S. miners continue to display strong growth and market resilience.