The post Bitcoin Mining Profits Hit Record Low Despite Rising Hashrate, Says JPMorgan appeared first on Coinpedia Fintech News
Bitcoin mining profits have plunged to their lowest levels in recent history, according to JPMorgan’s latest report. While Bitcoin’s price and network hashrate increased slightly in September, daily mining revenue and gross profit declined for the third consecutive month. Miners earned an average of $42,100 per exahash (EH/s), a 6% drop from August. Gross profits from daily block rewards fell to $16,100 per EH/s, marking the lowest point on record with just a 38.4% gross margin. Transaction fees remained subdued, making up less than 5% of block rewards. Despite these challenges, the market cap of U.S.-listed miners rose 4%, with Hut 8 leading gains at 21%, while CleanSpark saw a 13% decline
