Bitcoin mining profitability experienced a significant boost in early November, with hashprice rising 29% since October’s close, according to a recent JPMorgan report.
The surge in hashprice—an indicator of miner profitability—was driven by bitcoin’s strong rally outpacing the growth in network hashrate and a rise in transaction fees as a share of total rewards, analysts Reginald Smith and Charles Pearce noted.
Market sentiment also lifted mining stocks, with the total market capitalization of mining firms tracked by JPMorgan growing by 33%, or about $8 billion, between Oct. 31 and Nov. 15. This uptick mirrored bitcoin’s 30% price rally following Donald Trump’s election victory, which fueled broader crypto market optimism.
Meanwhile, the network hashrate saw a modest 2% increase month-to-date, averaging 718 exahashes per second (EH/s). This metric, reflecting the total computational power dedicated to bitcoin mining, indicates rising competition among miners amid growing demand.
JPMorgan highlighted that U.S.-listed miners now account for a record 28% of global network hashrate, underscoring their expanding dominance in the bitcoin mining ecosystem.
This rebound in mining economics marks a notable shift from the declining profitability observed in recent months and signals renewed confidence in the sector as bitcoin continues to post gains.
