Bitcoin Miners See Revenue Surge in December, Hitting Highest Levels Since April

JPMorgan Report: Bitcoin Miners’ Profit Soars, but Still Below Pre-Halving Levels
Bitcoin Miners’ Revenue Hits New Highs in December Amid Strong Market Rally
Bitcoin Mining Profitability Climbs as Network Hashrate Grows, Report Shows
Bitcoin Miners’ December Performance: Highest Profits Since April, But Still Below Pre-Halving
Bitcoin Mining Market Sees Surge in December, But Challenges Persist Post-Halving

Bitcoin (BTC) miners’ daily revenue and gross profit increased for the second consecutive month in December, reaching the highest levels since April, according to a research report by JPMorgan (JPM) released on Monday.

Mining profitability rose as the rally in the world’s largest cryptocurrency continued to outpace the growth of the network hashrate, the bank observed.

JPMorgan estimated that bitcoin miners earned an average of $57,100 per exahash per second (EH/s) in daily block reward revenue last month, which is 10% more than in November.

However, “daily revenue and gross profit per EH/s are still 43% and 52% below pre-halving levels, respectively,” analysts Reginald Smith and Charles Pearce noted.

The network hashrate grew by 6% in December, reaching an average of 779 EH/s, the report mentioned. Hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain.

Mining difficulty increased by 7% from the previous month and is now 27% higher than before the reward halving event in April, the bank said. The hashrate grew by 54% in 2024, slower than the 103% increase seen in 2023.

The total market capitalization of the 14 publicly listed bitcoin miners tracked by the bank declined by 23% to $28 billion in December, though it had increased by 52% in November.

TeraWulf (WULF) was the only miner that outperformed Bitcoin last year, posting a 136% gain, while Bitcoin itself rose about 120%.

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