Latest news with #ReginaldSmith
Yahoo
6 days ago
- Business
- Yahoo
Bitcoin Mining Profitability Improved in May, JPMorgan Says
The total market cap of the 13 U.S.-listed miners that JPMorgan tracks rose almost 20% in May, as bitcoin BTC rallied and mining profitability increased, the bank said in a research report Monday. The Bitcoin network hashrate rose about 25 exahashes per second (EH/s) to an average of 897 EH/s last month, according to the report. The hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain, and is a proxy for competition in the industry and mining difficulty. Mining profitability improved in May. The bank estimated that "bitcoin miners earned an average of $51,600 per EH/s in daily block reward revenue in May, up 16% from April," analysts Reginald Smith and Charles Pearce wrote. Daily block reward gross profit also increased substantially, jumping 36% month-on-month to $27,900 per EH/s, the bank noted. IREN (IREN) outperformed the group with a 37% rise, and Bitfarms (BITF) underperformed with an 8% decline, JPMorgan said. Seven of the thirteen bitcoin mining companies that the bank tracks outperformed bitcoin last month, the report in to access your portfolio
Yahoo
20-05-2025
- Business
- Yahoo
Bitcoin Network Hashrate Rose Slightly in First Two Weeks of May: JPMorgan
The Bitcoin network hashrate rose 2% in the first two weeks of May to an average of 885 exahashes per second (EH/s), Wall Street bank JPMorgan (JPM) said in a research report Friday. The hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain, and is a proxy for competition in the industry and mining difficulty. Miner profitability improved in May, as the price of bitcoin BTC rose, and gross margins expanded, the bank said. The hashprice, a measure of daily mining profitability, rose 13% from April, which the bank said was "encouraging." "We estimate miners earned ~$50,100 in daily block reward revenue per EH/s over the first two weeks of the month, up 13% from last month and 3% y/y," analysts Reginald Smith and Charles Pearce wrote. U.S.-listed miners maintained their share of the network hashrate, and currently account for about 30.5% of the network, a 1.1% increase from April, the bank said. The total market cap of the 13 U.S.-listed bitcoin mining stocks that the bank tracks rose 24%, or $4.6 billion, this month. Bitdeer (BTDR) outperformed with a 43% gain, while Greenidge (GREE) underperformed the sector with a 5% decline, the report in to access your portfolio
Yahoo
01-05-2025
- Business
- Yahoo
Bitcoin Miners With HPC Exposure Underperformed BTC for Third Straight Month: JPMorgan
Bitcoin (BTC) mining companies with high-performance computing (HPC) exposure underperformed the world's largest cryptocurrency for the third month in a row in April, Wall Street bank JPMorgan said in a research report on Thursday. Some bitcoin miners have pivoted into new business areas, such as offering HPC services to the fast growing artificial intelligence (AI) market, to reduce their dependence on crypto. "We note miners with HPC exposure (IREN, RIOT, WULF, HUT) underperformed BTC performance for the third consecutive month," analysts Reginald Smith and Charles Pearce wrote. Mining profitability fell in April as the network hashrate increased. Daily block reward revenue declined 6% from March, the bank said, while the monthly average hashrate rose around 56 exahashes per second (EH/s), or 6% month-on-month, to 872 EH/s in April. "This was the second largest sequential increase in the monthly average network hashrate on record," the authors wrote. The hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain, and is a proxy for competition in the industry and mining difficulty. The total market cap of the 13 U.S.-listed mining stocks that the bank tracks increased 12% from March. Greenidge (GREE) was a notable outperformer in April with a 46% gain. Read more: Bitcoin Miner 1Q Results May Disappoint as Hashprice Fell, Tariffs Hit: CoinShares Sign in to access your portfolio
Yahoo
16-04-2025
- Business
- Yahoo
Bitcoin Miners With HPC Exposure Underperformed in First Two Weeks of April: JPMorgan
The performance of bitcoin (BTC) mining stocks was mixed in the first two weeks of April, with pure play operators outperforming those with exposure to high-performance computing (HPC), JPMorgan (JPM) said in a research report Wednesday. Only MARA Holdings (MARA) and CleanSpark (CLSK) outperformed the largest cryptocurrency during the period, while miners with exposure to HPC, which is used in applications including AI, such as Bitdeer (BTDR), TeraWulf (WULF), IREN (IREN) and Riot Platforms (RIOT) underperformed. The bank noted that March was a good month for the U.S.-listed miners. They added 15 exahashes per second of capacity, and mined more tokens. The first two weeks of April were not as positive. "Network hashrate growth outpaced U.S. operator expansion, and average bitcoin price declined over the first half of April, which has pressured mining economics," analysts Reginald Smith and Charles Pearce wrote. The bank estimated that U.S.-listed miners are currently trading around 1.2 times their proportional share of the four-year block reward opportunity, which is the lowest level in more than 2 years. Miners earned about $41,500 in daily block reward revenue per EH/s in the first two weeks of the month, a 12% decline from March, the report said. The network hashrate has risen 85 EH/s month-to-date to an average of 900 EH/s, the bank noted. The hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain, and is a proxy for competition in the industry and mining difficulty. The total market cap of the 13 U.S.-listed bitcoin miners that the bank tracks fell 2% to $16.9 billion in April. Read more: Bitcoin Mining Profitability Down 7.4% in March as Prices, Transaction Fees Fell: Jefferies Sign in to access your portfolio
Yahoo
01-04-2025
- Business
- Yahoo
U.S.-Listed Bitcoin Miners Shed 25% of Their Market Cap in March: JPMorgan
The total market cap of the 14 U.S.-listed bitcoin (BTC) miners tracked by JPMorgan (JPM) dropped 25% in March, the third-worst monthly performance on record, the Wall Street bank said Tuesday. Only one stock, Stronghold Digital Mining (SDIG), outperformed bitcoin (BTC) last month, the report noted. Bitfarms (BITF) completed its acquisition of the company on March 17. Miners with high performance computing (HPC) exposure underperformed pure-play miners for the second month in a row. "We note valuations today are at the lowest levels relative to the block reward since the collapse of FTX in the Fall of 2023," analysts Reginald Smith and Charles Pearce wrote. The average network hashrate inched higher during the month to 816 exahashes per second (EH/s), the report said. The hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain, and is a proxy for competition in the industry and mining difficulty. Mining revenue and profitability both fell. "We estimate bitcoin miners earned an average of $47,300 per EH/s in daily block reward revenue in March, down 13% from February," the bank said. Daily block reward gross profit dropped 22% month-on-month to $23,000 per EH/s. Stronghold Digital outperformed the sector last month with a 2% decline. Cipher Mining (CIFR) underperformed with a 45% slump. Read more: Bitcoin Network Hashrate Inched Higher in March as Mining Economics Weakened: JPMorgan UPDATE (April 1, 14:25 UTC): Adds Bitfarms' purchase of Stronghold Digital in second paragraph.
