Bitcoin Mining Profitability Surges in November: JPMorgan Report

According to CoinDesk: Bitcoin mining economics saw a significant boost in the first half of November, with the hashprice—a key measure of mining profitability—rising 29% since the end of October, according to a JPMorgan research report.The hashprice increase was driven by Bitcoin's price rally outpacing network hashrate growth and an uptick in transaction fees as a percentage of block rewards, analysts Reginald Smith and Charles Pearce noted. Bitcoin surged 30% to record highs following Donald Trump’s U.S. presidential election victory earlier this month, fueling broader crypto market optimism.Mining Stocks and Market GrowthThe total market capitalization of mining stocks tracked by JPMorgan climbed by 33%, or approximately $8 billion, between Oct. 31 and Nov. 15. U.S.-listed Bitcoin miners now represent 28% of the global network, maintaining their record-high share of the network hashrate, which increased 2% month-to-date to an average of 718 exahashes per second (EH/s).Key Metrics and ImplicationsMarket Cap Growth: U.S.-listed miners saw their combined market cap grow to reflect increased investor confidence and improved profitability.Network Hashrate: The rise in hashrate highlights intensified competition among miners and reflects a higher difficulty level in mining operations.Global Mining Footprint: With 28% of the global hashrate, U.S. miners continue to dominate the industry, reinforcing their leadership in the Bitcoin mining ecosystem.This surge in mining profitability underscores Bitcoin’s growing appeal as a financial asset, buoyed by favorable macroeconomic trends and political developments in the U.S.