The full market cap of the 14 U.S.-listed bitcoin (BTC) miners tracked by JPMorgan (JPM) dropped 25% in March, the third-worst month-to-month efficiency on document, the Wall Road financial institution mentioned Tuesday.
Just one inventory, Stronghold Digital Mining (SDIG), outperformed bitcoin (BTC) final month, the report famous. Miners with excessive efficiency computing (HPC) publicity underperformed pure-play miners for the second month in a row.
“We observe valuations immediately are on the lowest ranges relative to the block reward because the collapse of FTX within the Fall of 2023,” analysts Reginald Smith and Charles Pearce wrote.
The typical community hashrate inched larger throughout the month to 816 exahashes per second (EH/s), the report mentioned. The hashrate refers back to the complete mixed computational energy used to mine and course of transactions on a proof-of-work blockchain, and is a proxy for competitors within the business and mining issue.
Mining income and profitability each fell.
“We estimate bitcoin miners earned a mean of $47,300 per EH/s in day by day block reward income in March, down 13% from February,” the financial institution mentioned. Day by day block reward gross revenue dropped 22% month-on-month to $23,000 per EH/s.
Stronghold Digital outperformed the sector final month with a 2% decline. Cipher Mining (CIFR) underperformed with a forty five% droop.
Learn extra: Bitcoin Community Hashrate Inched Greater in March as Mining Economics Weakened: JPMorgan
