Bitcoin (BTC) Miners See Revenue Drop 2% in October as Hashrate Hits All-Time High

The data comes from a research report by JPMorgan released on Friday. The bank noted that daily block reward gross profit fell by 2% in October to the lowest level “on recent record.”

Block reward gross profits fell by 2% in October, hitting its lowest level on recent record, according to a research report by JPMorgan released on Friday.

The report also noted that mining difficulty hit an all-time high during the month. Hashrate reached a monthly average of 702 exahashes per second (EH/s), up by 9% from September. Hashprice also hit an all-time low during October.

Bitcoin miners earned an average of $41,800 per EH/s of hashrate in daily block reward revenue, which is 1% less than in September, according to JPMorgan. Hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain and serves as a proxy for competition and mining difficulty in the industry.

On a positive note, transaction fees spiked to as high as 60% of the block reward toward the end of the month, providing some hashprice relief, the bank said. The hashprice is a measure of a mining company’s daily revenue.

The monthly average hashrate for the Bitcoin network surged to a record high of 702 EH/s in October, according to the report. Analysts Reginald Smith and Charles Pearce noted that the seven-day moving average network hashrate stood at 748 EH/s by the month-end, which is 18% higher than at the end of September and up by 62% year-on-year.

The total market capitalization of the 14 publicly listed miners tracked by the bank also rose by 14% to $23.9 billion, with companies with high-performance computing (HPC) exposure leading the gains, the report said.

Russia to Ban Mining? Block reward gross profits fell by 2% in October, hitting its lowest level on recent record, according to a research report by JPMorgan released on Friday.

The report also noted that mining difficulty hit an all-time high during the month. Hashrate reached a monthly average of 702 exahashes per second (EH/s), up by 9% from September. Hashprice also hit an all-time low during October.

Bitcoin miners earned an average of $41,800 per EH/s of hashrate in daily block reward revenue, which is 1% less than in September, according to JPMorgan. Hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain and serves as a proxy for competition and mining difficulty in the industry.

On a positive note, transaction fees spiked to as high as 60% of the block reward toward the end of the month, providing some hashprice relief, the bank said. The hashprice is a measure of a mining company’s daily revenue.

The monthly average hashrate for the Bitcoin network surged to a record high of 702 EH/s in October, according to the report. Analysts Reginald Smith and Charles Pearce noted that the seven-day moving average network hashrate stood at 748 EH/s by the month-end, which is 18% higher than at the end of September and up by 62% year-on-year.

The total market capitalization of the 14 publicly listed miners tracked by the bank also rose by 14% to $23.9 billion, with companies with high-performance computing (HPC) exposure leading the gains, the report said.

Reports suggest that Russia will ban crypto mining in affected areas to stabilize the power grid. Regions facing the ban include the Far East, southwestern Siberia, and the South, where authorities anticipate insufficient power capacity until at least 2030.

The ban follows recently enacted legislation that grants the government authority to restrict cryptocurrency mining in specific locations. This law, which takes effect on November 1st, also prohibits advertising related to cryptocurrency and services utilizing it. Major Russian companies like Yandex, the country’s largest search engine, have already begun implementing these advertising restrictions.

Pivot to AI Block reward gross profits fell by 2% in October, hitting its lowest level on recent record, according to a research report by JPMorgan released on Friday.

The report also noted that mining difficulty hit an all-time high during the month. Hashrate reached a monthly average of 702 exahashes per second (EH/s), up by 9% from September. Hashprice also hit an all-time low during October.

Bitcoin miners earned an average of $41,800 per EH/s of hashrate in daily block reward revenue, which is 1% less than in September, according to JPMorgan. Hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain and serves as a proxy for competition and mining difficulty in the

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